Although the sale has not yet closed, the cryptocurrency exchange house Binance is reportedly finalizing negotiations to purchase the CoinMarketcap cryptographic currency classification site.
Binance and CMC are finalizing final discussions to determine the terms of the sale. An agreement would have been reached for a cash and share transaction, which is expected to be completed within the week. Binance is reportedly expected to pay at least $400 million to close the deal.
A formal announcement confirming this key development is expected by the end of the week. As reported by a news agency, the magnetic drive capacity of CMC's traffic could be the reason for Binance's 11x offer.
The first company to control up to 22% of the market share
Binance would acquire hundreds of companies around the world in an attempt to position itself as the world's leading monetary cryptology company.
The company is buying Blockchain and cryptocurrency companies from various strategic locations around the world, indicating its desire to dominate. In terms of trading activities, Binance is the first company to control up to 22% of the market share.
Other huge cryptoexchanges, such as coinbase, are following suit with 20 percent market dominance.
Meanwhile, CoinMarketCap, the popular cryptocurrency market capitalization ranking website, is about to be the subject of a historic takeover bid by Binance. It is the bidder and the price of the offer that makes this acquisition so remarkable. In a massive $400 million bid, CoinMarketCap is about to be acquired by the world's largest cryptoexchange, Binance.
Despite being touted as one of the largest acquisitions in the global cryptography market, Binance's enthusiastic CEO, Changpeng Zhao (CZ), remains silent on the acquisition.
Current events divide the community. On the one hand, the Binance pros see it as a strategic buyout and the addition of a prominent company to the trading platform portfolio. On the other, some Internet users question Binance's motives and fear for CoinMarketCap's independence in the future.
Written by Laetitia, Project Manager