One of the biggest cryptocurrency exchanges might be seeking to acquire CoinMarketCap. Negotiations are on the final stage. Moreover, Binance is ready to pay as much as 400 million USD. All these informations, however, came from anonymous people familiar with the case.
Will Binance take over CoinMarketCap?
Nothing is sure yet. According to the reports, the contract might be concluded later this week. Apparently, the main reason that drives Binance is CoinMarketCap’s ability to generate great traffic. As it turned out, over the past 6 months, website was visited by more than 207 million users. The data comes from SimilarWeb tool. For comparison, let’s take Binance traffic. Their website was able to generate 113 million visits during same period of time. The difference of visits is almost 80%!
All the informations about the acquisition were obtained from the group of people, familiar to the case. The Block did not specify from who exactly. Until now, both CoinMarketCap and Binance did not comment about that situation. It is worth mentioning, that Changpeng Zhao, CEO of Binance, reported in January, that his company is conducting talks on two large acquisitions, but he did not specify anything at that time.
Takeover: madness or a good move?
The sentences are strongly divided. Although there are some who are excited about this information, but others remain skeptical about the idea itself. The fear could be observed on Tweeter. For some of crypto enthusiasts, such move makes no sense. The only reason for this to happen, is Binance using great traffic generated by CoinMarketCap.
It is worth adding, that aggregator was perceived as an independent website, which brings a lot of informations about cryptocurrencies, tokens and exchanges. At the moment, when Binance would take over CoinMarketCap, we have no certainty if it will remain the same. Another question arises: will Binance crush the competition on cryptocurrency market by that move? Will it limit some data, or just carry the quality control of projects listed on CMC?
Is that April Fools’ joke?
Despite the rumours, both CMC and Binance did not confirm the news. It all might be just related to the 1st of April.
If such takeover were to take place, we would learn about it from Binance blog. Alleged leaks from third parties with the case are becoming questionable.
Let us know in the comments section, what do you think about it!