Binance is buying CoinMarketCap for $400 Million. This is news as one of the first true blockbuster crypto mergers and acquisitions is about to close according to multiple industry sources.
This is a major deal as Coinmarketcap is one of the original sites for Bitcoin and Crypto, and Binance is recognized as the largest Crypto transaction exchanges in the world.
- Binance is in the final stages of talks to acquire CoinMarketCap, The Block has learned
- The crypto exchange is looking to pay as much as $400 million for the deal, people familiar with the matter told The Block
Binance is in the final stages of talks to acquire CoinMarketCap, The Block has learned.
The crypto exchange is looking to pay as much as $400 million for the deal, people familiar with the deal told The Block.
The cash-and-stock deal is expected to be announced this week. When completed, that would make it one of the largest acquisitions in the crypto space.
Other terms of the deal remain unclear. The Block has reached out to both Binance and CoinMarketCap for comments and will update this story should we hear back.
Just earlier this year, Binance CEO Changpeng “CZ” Zhao said that there are two acquisitions in the pipeline that he is “very excited” about. These are “major” and will have a “significant impact,” CZ said at the time. The CoinMarketCap deal could be one of those two deals.
It is worth noting that CoinMarketCap has not raised any external funding to date and is “entirely bootstrapped,” Carylyne Chan, chief strategy officer of CoinMarketCap, told The Block last October. “We don’t plan to raise any funds soon; we can still continue bootstrapping and scaling at this point,” Chan said at the time.
CoinMarketCap is the most popular crypto data aggregator, drawing 207.2 million visitors in the last six months, according to SimilarWeb. Binance, on the other hand, drew 113.8 million visitors in the last six months. CoinMarketCap’s traffic is 80% more than that of Binance’s.
People familiar with the matter told The Block that CoinMarketCap’s ability to drive a significant amount of traffic is one of the major reasons for the acquisition. CoinMarketCap was founded in 2013 by the anonymous Brandon Chez in Delaware, U.S.
Source: SimilarWeb, The Block Research