19. July 2024
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Official: Binance buys Coinmarketcap – record crypto deal

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The dice have been cast: Binance is actually buying coinmarketcap. What was previously considered a rumor is now a reality. Both sides have confirmed the takeover.

Historic deal in crypto universe is complete

As we reported earlier, there were rookies saying that Binance would like to take over the world’s largest cryptocurrency data tracking website. Now it’s official. On April 2nd, 2020, Binance and Coinmarketcap announced the acquisition.

The deal is historic because it is the largest acquisition that has taken place in crypto history. The deal price was kept secret from both sides in the statement. However, it can be assumed that the rumors about the amount of the takeover are also correct. So probably 400 million US dollars have flowed for the takeover.

In our previous post on this topic, we have already shown how hard-working Binance is on the topic of acquisitions. The trend continues. This may just be the first big deal that Binance’s CEO spoke of in his letter to the community. We can be excited to see what further deal is coming this year. With this deal, Binance is increasingly establishing itself at the top of the best crypto exchanges and blockchain companies.

Crypto world is divided

If you read the comments on Twitter about the takeover, you have the feeling that the community is undecided how to find the deal. Many congratulate binance on this big deal, as does Justin Sun. The CEO of Tron (TRX), who has often sympathized with the CEO of Binance, welcomed the takeover. On the other hand, there are users who cannot understand the meaning behind the takeover and criticize the lack of neutrality in Coinmarketcap now.

Neutrality is not only endangered, some users write that it is completely no longer given. In our detailed article on the takeover, we showed why Coinmarketcap is so valuable for Binance. Binance can not only access a huge traffic source and direct traffic to its own website, but also benefits from the know-how.

Coinmarketcap.com processes a lot of data and evaluates it. Machine learning and AI is of paramount importance. Binance could theoretically use the knowledge and the data collected over the years.

Binance promises full neutrality

In the statement, Binance addresses the fears of some and explains how to proceed now.

While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations.Binance.com

Coinmarketcap and Binance should remain separate units that should not have any influence on one another. But how independent should the work be if the acquisition was certainly made from a strategic perspective. Coinmarketcap must offer Binance enormous added value, otherwise the deal would not have come about.

Will we benefit from the takeover?

On the one hand, Binance says that they are striving to use Coinmarketcap to develop further innovative and useful products for users. That would create added value for us as users of the platform. The know-how of the two platforms could flow together and you might have additional data that could be helpful in relation to the evaluation of the cryptocurrencies.

But how much can you trust Binance? Finally, one of the arguments for Bitcoin and co. is the decentralization. So what if more and more services become centralized and Binance gains more and more power. The world’s largest crypto exchange would thus theoretically be able to manipulate the information. This would allow a distorted picture about the data of the cryptocurrencies.

Coinmarketcap also presents the data of all crypto exchanges, such as the respective trading volume. But now practically a crypto exchange guides the provision of information about its competitors. So there is a theoretical conflict of interest.

In this context, the ex-CEO of Coinmarketcap explains that Binance in particular is committed to users and wants only the best for them:

I believe that Binance is one of the best options of any team in this area that could purchase CoinMarketCap. They are a team that has shown time and time again that they care about their users and will do the best for them even in the most difficult times. This spirit will continue to be reflected in our own user-centric philosophy at CoinMarketCap. [/ su_quote]

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