April 21, 2024

Binance wants to buy CoinMarketCap for $ 400 million

Binance wants to buy CoinMarketCap for $ 400 million

Binance Exchange entered the final stage of negotiations on the acquisition of the popular cryptographic data aggregator site CoinMarketCap.

According to The Block's sources, the crypto exchange plans to conclude a deal worth $400 million. It is expected that part of the amount will be transferred in cash, and part in the form of company shares.

There were no immediate plans for CoinMarketCapattracting financing from outside, since the project successfully managed to scale the service on its own. Over the past six months, it has been visited by more than 207 million people, which is 80% more than Binance.(113.8 million). According to reports, it was the volume of traffic that became the main reason for the acquisition.

Since Binance is now the mostvisited crypto exchange (22% of the total volume), then purchasing a CMC will help not only strengthen its leading position in this direction, but also increase the efficiency of promoting your products. Previously, the Coinbase exchange, which bought the Earn.com project, resorted to a similar method.