Binance, the leading cryptocurrency exchange, recently announced it has completed the Acquisition of CoinMarketCap. This announcement was published on the official binance blog on 2 April. This landmark deal combines two of the most trusted brands in crypto and introduces some significant opportunities to grow the industry even further. CoinMarketCap stays committed to providing the most accurate, timely, and quality cryptocurrency data in the industry while benefiting from Binance’s expertise, resources, and scale.
Binance CEO, Changpeng Zhao (CZ) said : “The core DNA of CoinMarketCap 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 further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”
Binance is excited to work more closely with CoinMarketCap, one of the most-cited sources for cryptocurrency prices and exchange trading volume. With that said, CoinMarketCap has maintained independence from external stakeholders since its inception, and it will continue to be run as an independent business entity. 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.
As part of the transition, CoinMarketCap founder Brandon Chez is stepping down as CEO, to focus on his family after seven years of running the company, but will remain as an advisor. CoinMarketCap’s current Chief Strategy Officer Carylyne Chan has been named interim CEO.
Brandon Chez said:
“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap.”