Binance has announced the acquisition of popular crypto asset data tracking site, CoinMarketCap. CEO Changpeng Zhao (CZ) says the acquisition is aimed at growing and instilling transparency in the industry.
“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.”
Details of the acquisition allow CoinMarketCap to continue running independently. However, Brandon Chez, founder of the company, will step down as CEO but continue playing an advisory role, passing the torch to Carylyne Chan. Regardless, he remains excited and optimistic about the team’s performance and delivery.
“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. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap.”
Chan has also promised that CoinMarketCap, regardless of the acquisition, will maintain its commitment to objective reporting and will continue to stay away from unnecessary censorship or judgment.
Although neither party disclosed an official amount, The Block estimates that the deal is worth $400 million.
In March last year, CoinMarketCap launched crypto indices for Bloomberg, Nasdaq, and Reuters.