October 20, 2021

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Binance acquires CoinMarketCap in landmark deal

Cryptocurrency exchange Binance has officially acquired digital asset aggregator CoinMarketCap for an undisclosed fee, according to a press release shared with Coin Rivet.

CoinMarketCap has been an ever present within the ecosystem over the past decade with its unique style of presenting cryptocurrency data including trade volume, market cap and supply.

The platform will continue to be run as an independent business entity, with Binance confirming that a strict policy of independence is in place.

“Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations.” The press release states.

The release goes on to reveal that Binance will have no bearing on CoinMarketCap’s rankings and that it will continue to provide accurate date while benefiting from Binance’s “expertise, resources and scale”.

The exchange’s CEO, Changpeng ‘CZ’ Zhao, said: “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.”

As a part of the deal CoinMarketCap founder Brandon Chez has stepped down from his role as CEO, being replaced by Carylyne Chan, the current Chief Strategy Officer, as interim CEO.

“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 have 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.

“This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap, and I am thrilled to be passing the baton on to Carylyne and the CoinMarketCap team to continue fulfilling my original vision of showcasing the crypto revolution.”

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