Binance Exchange acquires CoinMarketCap in another big move from the Asian giant

After days of rumors within the community, the long-awaited deal between Binance and CoinMarketCap has been officially announced. The company behind the leading cryptocurrency exchange by volume and users has acquired the popular data-tracking website for an undisclosed sum. Binance announced the news yesterday in a statement. 

According to the document, both companies "together they will pursue their common vision of making encryption assets more accessible and useful to users around the world«However, despite operating jointly, both entities will maintain a strict policy of independence from each other. This means that Binance will have no relation to CoinMarketCap's rankings. At the same time, the latter will not influence any of the exchange's operations, the announcement explained.

Binance acquires CoinMarketCap

The CEO of Binance, Changpeng Zhao (CZ), believes that both parties will prosper from this partnership due to their similar values:

CoinMarketCap's core DNA 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 continue to grow and instill transparency in the industry. This will allow us to build on each other's strengths, jointly serving as crypto infrastructure providers..

CZ

The announcement also revealed the first change to CoinMarketCap's inner circle. The founder of CMC, Brandon Chez, will be stepping down from his CEO position but will remain an advisor. Carylyne Chan, the current chief strategy officer, will replace him as the company's new interim CEO.

I think of all the teams in the space that could acquire CoinMarketCap, Binance is one of the best options. They are a team that has proven, time and again, that they care about their users and that they will do their best for them, even in the most difficult moments.

Brandon chez