Binance Confirms Acquisition of CoinMarketCap

The Binance crypto exchange confirmed the acquisition of CoinMarketCap, adding that the largest market data provider will continue to operate as an independent business entity. CoinMarketCap was founded in 2013 and is headquartered in Dover, Delaware.

No other transaction details have been disclosed to date. The Block media outlet was the first to publish the rumors yesterday. They claimed the M&A to be $400 mln worth — one of the largest acquisitions in the industry. It is remarkable that the deal takes place amid a global decline in mergers and acquisitions.

According to a press release, Brandon CHEZ, founder of CoinMarketCap, will step down as CEO and will be replaced by Carylyn CHAN, current CSO, as acting CEO. Chez will remain a consultant to the company. His plans are not to do business, but to focus on the family.

CoinMarketCap said it intends to expand data offerings by including futures, options and other instruments. According to statements, CoinMarketCap and Binance are separate business entities that support and will maintain a strict policy of independence from each other.

Image courtesy of CoinCodex