Binance to Acquire CoinMarketCap for $400 Million: Report

Crypto exchange Binance is acquiring CoinMarketCap for up to $400 million, according to a report by the Block.

People familiar with the pending transaction said the deal was due to CoinMarketCap’s ability to drive traffic and thus potentially boost utilization of Binance. CoinMarketCap was founded in 2013 and has become a leading reference point for digital currencies and other crypto as well as digital asset exchanges. CoinMarketCap tracks the trading volume of just about every crypto as well as exchanges. CoinMarketCap is incorporated in Delaware.

Binance is the largest crypto exchange in the world by current monthly trading volume.

Zhao ChangpengBinance was founded in 2017 by CEO Changpeng Zhao. Earlier this year, Zhao referenced possible acquisitions for this company.

Originally launched in China, following a government ban on cryptocurrency trading and issuance, Binance was compelled to exit the country. Today, the crypto exchange is ostensibly operated out of the crypto-friendly jurisdiction of Malta.

The deal is expected to close this week as a cash and stock transaction.

 

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