The exchange’s interest in the data aggregator platform is due to its popularity. Binance Plans to Acquire Coinmarketcap.com for $400M: Report
Binance is considering to acquire Coinmarketcap.com, a digital currency data aggregator, and is already in the final stage of inking the deal.
Originally reported by The Block on Tuesday, the deal can go as high as $400 million, however, none was officially revealed by either involved companies.
If completed, this will be one of the biggest deals in the digital asset industry to date.
Per the anonymous sources of the publication, the dealings will be made in cash and stock and are expected to be announced later this week.
A popular platform in the community – Binance Plans to Acquire Coinmarketcap.com for $400M
Coinmarketcap.com is the leading crypto market data aggregator and sees more than 37.1 million in monthly visits, according to SimilarWeb data. Binance, on the other hand, is one of the widely used global crypto exchanges with 113.8 million visits in the last six months.
Currently, Coinmarketcap.com is redirecting its visitors to Crypto.com for purchasing digital currencies. If the acquisition deal goes through, Binance can expect a massive surge in its traffic redirected from the crypto data aggregator.
The report also outlined that this is a major reason behind Binance’s interest on the platform.
Launched in 2017, Binance has become a leading player in the crypto exchange arena. Though started and established as a crypto-to-crypto exchange, the platform is now pivoting towards crypto-fiat trading.
In the last couple of years, the exchange also made significant acquisitions paving its way into other markets and also other blockchain sectors.
According to Crunchbase, the crypto exchange has fully acquired four firms over the years which include TrustWallet, a crypto wallet platform; JEX, a Bitcoin derivatives exchange; WazirX, an Indian crypto exchange; and DappReview, a decentralized application (DApp) platform.
The exchange, however, did not reveal the amount involved in those dealings.
Today, the exchange also revealed that it has acquired BxB, a South Korean crypto startup, to launch a local exchange in the country.