After days of rumors within the community, the long-anticipated deal between Binance and CoinMarketCap has been officially announced. The company behind the leading cryptocurrency exchange by volume and users has acquired the popular data tracking website for an undisclosed sum.
Binance Acquires CoinMarketCap
Binance announced the news earlier today in a press release shared with CryptoPotato. According to the document, both companies will “together pursue their common vision of making crypto assets more widely accessible and useful to users globally.”
Despite operating jointly, however, both entities will maintain a strict policy of independence from one another. Meaning that Binance will have no bearing on CoinMarketCap’s rankings. At the same time, the latter will not influence any of the exchange’s operations, the announcement explained.
Binance CEO, Changpeng Zhao (CZ), believes that both parties will thrive from this partnership because of their similar values:
“The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency, and user-focus. Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”
CMC’s Internal Changes
The announcement also revealed the first change in CoinMarketCap’s internal circle. CMC’s founder Brandon Chez is stepping down from his Chief Executive Officer position but will remain as an advisor. Carylyne Chan, the current Chief Strategy Officer, will replace him as the new interim CEO of the company.
“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times.” – said Chez before stepping down.
He also endorsed Chan, saying that she will “continue fulfilling my original vision of showcasing the crypto revolution.”
CryptoPotato also got the thoughts of Bobby Ong, the CEO of CoinGecko, the biggest crypto data aggregator besides CoinMarketCap.
“This acquisition proves that the crypto data space is a highly strategic and important part of the crypto industry,” said Ong. “It is important to have an independent and neutral player to prevent any conflict of interest,” Ong concludes in response to the acquisition of his biggest competitor.