Cryptocurrency exchange house Binance is said to be finalizing negotiations to buy cryptocurrency ranking website CoinMarketcap. According to reports Binance is slated to pay at least $400 million to seal the deal.
Binance wants to acquire Cryptocurrency Market Ranking Site Coinmarketcap
Latest information from Binance indicates that the exchange is in the final stages of concluding a deal to acquire CoinMarketCap.com. The payment for the site is expected to be executed partly via cash and partly via stocks. Once complete this could become the biggest acquisition in the history of cryptocurrencies.
At the beginning of this year Binance CEO announced that there are some two acquisitions the company planned for this year. He reiterated saying these were major acquisitions expected to significantly change the game within the cryptocurrency market. The latest reports of Binance intent to buy CoinMarketCap is obviously one of these two acquisitions.
CoinMarketCap is the most visited cryptocurrency aggregator with an estimated 207 million visitors in the last six months alone. Meanwhile Binance exchange was visited by some 113.8 million people in the last half year. CoinMarketCap receives 80 percent more visitors than Binance which is the most visited cryptocurrency exchange on the Planet.
Binance got attracted to the significant quality traffic CoinmarketCap receives. With millions of new daily cryptocurrency enthusiasts flocking CoinMarketCap.com Binance hopes to achieve millions of new customers monthly. CoinMarketCap was founded in the United States by an anonymous Brandon Chez in 2013.
Binance Acquisition Spree
Binance is reportedly acquiring hundreds of companies around the world in attempts to position itself as the world’s leading cryptocurrency company. The company reportedly bought at least nine companies in 2019 alone with some of the acquisition unannounced. Some of the Company currently under Binance direct control include Trust Wallet, DappReview, WazirX and JEX.
The company buys Blockchain and cryptocurrency companies from different strategic locations in the world indicating its will of dominance. In Terms of Exchange business, Binance is the leading company controlling up to 22 percent of the market share. Other huge cryptocurrency exchanges such as coinbase follow a shoot with 20 percent market dominance.
Globally, the Binance latest deak once executed will join the list of the top 10 largest deals within the cryptocurrency space. Some of the existing Biggest deals include Circle’s acquisition of Poloniex at $400 Million, Bitstamps acquisition of NXMH at $400million, Coinbase’s acquisition of Earn.com for $120 Million AND Kraken’s acquisition of Crypto Facilities at $100m