Global Bitcoin and cryptocurrency exchange Binance is reportedly in the final changes of acquiring crypto market data provider CoinMarketCap (CMC), the leading platform for comprehensive data aggregation on crypto prices, market capitalizations, circulating supplies, 24-hour trading volumes, rankings, charts and historical data.
According to The Block, the blockbuster acquisition involves a cash and stock deal worth $400 million. Negotiations are expected to be finalized this week.
While the deal is not yet confirmed, Binance chief executive Changpeng Zhao wrote in a New Year message that the company is working on two acquisitions that he is “very excited about.” He also noted that all of Binance’s acquisitions in the past have been fueled by finding top talent that they can’t beat.
Web analytics software SimilarWeb shows that CMC is beating Binance in terms of web traffic by 80%. The crypto market aggregator had 207.2 million visitors in the last six months. Meanwhile, Binance attracted 113.8 million visitors over the same stretch.
Should the deal push through, it would be one of the largest acquisitions in the cryptocurrency and blockchain industry to date.
In 2018, global crypto finance startup Circle acquired crypto exchange Poloniex for $400 million. In the same year, Belgium-based investment company NXMH acquired an 80% stake of crypto trading platform Bitstamp in an all-cash, multimillion-dollar deal.
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