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Although the sale has not yet been concluded, the Binance crypto-currency exchange platform is reportedly finalizing negotiations for the purchase of the CoinMarketcap reference information site.
Binance and CMC are finalizing discussions to determine the terms of the sale. An agreement has reportedly been reached for a cash and share transaction, which is expected to be completed within a week. Binance is expected to pay at least $400 million to complete the transaction.
Based in Malta and headed by Changpeng Zhao (CZ), Binance has already acquired hundreds of companies around the world in an attempt to position itself as the world's leading crypto company. It is the crypto-money exchange that makes the most money in the crypto ecosystem.
The company is buying up Blockchain and crypto-currency companies in various strategic locations around the world, indicating its desire to dominate the market.
In terms of business activities, Binance is the first company to control 22% of the market share.
Other huge crypto exchanges, such as coinbase, follow suit with a 20% market dominance.
The most important negotiation in the crypto industry
CoinMarketCap, the popular crypto-currency market capitalization ranking site, is about to be the subject of a historic takeover bid by Binance.
CoinMarketCap was founded in 2013 and is headquartered in Dover, Delaware. The site attracts between 30 and 40 million visitors each month, according to data from the ranking site and Similarweb analysis.
Since April, the reference information site CoinMarketCap is owned by Binance.
Unofficial sources announced on Tuesday, March 31 that Binance would negotiate the acquisition of CoinMarketCap (CMC).
It is the bidder and the bid price that make this acquisition so remarkable.
Despite being touted as one of the most important acquisitions in the global crypto market, Binance's enthusiastic CEO, Changpeng Zhao (CZ), remains silent on the acquisition.
But in an interview with coindesk, Zhao said:
'It's a very good website and I think we can help develop it further, we don't have any plans for Coinmarketcap yet'. Zhao added that the domain will remain independent from Binance in the form of a holding company, which may help to avoid potential conflicts of interest.
In January, Zhao revealed that Binance was managing two acquisitions that he said would have 'a significant impact'. According to The Block, these potential acquisitions would be related to these disclosures. It said:
'As the saying goes, when you can't beat 'em, you buy 'em. And that's certainly true of all our acquisitions. When we identify the best talent with a cutting-edge product that we can't beat, and teams share common values, a merger makes sense in most cases. »
Current events are dividing the community. On the one hand, Binance professionals see it as a strategic buyout and the addition of a leading company to the trading platform portfolio. On the other hand, some Internet users question Binance's motives and fear for CoinMarketCap's independence in the future.
Binance now in first place
Since Binance purchased CoinMarketCap in April, some major changes have already taken place. Changpeng Zhao has announced and celebrated that the cryptocurrency data company CoinMarketCap has changed its trade ranking system.
One of the changes is, that the new classifications only show the volumes provided by the exchanges themselves.
The most important thing is that this change to the exchange classification system they had, and now Binance is at the top.
In May, CoinMarketCap announced that the addition of this new classification criterion will make it easier to navigate the crypto industry. The CoinMarketCap CMC blog wrote:
'Exchanges were previously ranked based on their reported volumes. However, volume inflation is an issue that is plaguing the crypto-money space. We went back to our work plan and looked at what important data we could collect for a more accurate representation of the ranking. »
According to CoinMarketCap, the site is also developing a new algorithm using liquidity and accounting. The objective is to better detect discrepancies between actual and reported volumes.
Written by Laetitia, Project Manager
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