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Binance is Reportedly Set to Purchase Popular Crypto Data Site CoinMarketCap For $400 Million

The world’s largest cryptocurrency exchange in terms of trading volume Binance is continuously in talks with CoinMarketCap and is very near to seal the deal as the deal is in the final stages. This news has shocked the cryptocurrency and Bitcoin world.

The bitcoin and crypto news and analysis website The Block, firstly, has revealed this news. According to the report of The Block, the Malta-based crypto exchange Binance is willing to pay an amount of $400 million.

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Most significant acquisition in the crypto world

This is a cash-and-stock deal that the crypto exchange Binance has made in order to ensure the purchase of CoinMarketCap. According to the report of The Block, the deal is likely to be finalized very soon and Binance is expected to officially announce this cash-and-stock deal of $400 million at the end of this week.

So, if Binance succeeds to acquire CoinMarketCap, it will be considered as one of the most significant and shocking acquisitions in the world of cryptocurrency.

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The CEO of the Binance exchange Changpeng Zhao (CZ) also gave a clue of buying some deals earlier this year when the Binance CEO addressed the users of the company in the month of January 2020. This was the statement of Changpeng Zhao:

“We always have a number of strategic acquisition discussions in the works, a couple of them are major and will have a significant impact. We will announce it in due time.”

Looking at the statement of Binance CEO, it seems that the company had already planned the acquisition of CoinMarketCap.

Binance is performing expansion activities

The leading exchange is continuously expanding its platform and the news of the acquisition of CoinMarketCap has just come at the time when the company is performing various expansion activities. For instance, Binance has released a Binance card in order to improve adoption. Apart from this, the company is also making efforts to enhance blockchain research.

Binance is continuing its acquisition spree. In 2019, it purchased three big companies in which  WazirX and DappReview are also included.

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Tokenhell is a blockchain & crypto news agency where you can discover all the recent news about cryptocurrency and blockchain.

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