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Major crypto exchange Binance is in the final stages of talks to acquire the biggest crypto market data provider CoinMarketCap for up to USD 400 million, The Block reported, citing undisclosed people familiar with the matter.

CoinMarketCap’s ability to drive a significant amount of traffic is one of the major reasons for the acquisition, while the cash-and-stock deal is expected to be announced this week, according to the report.

Binance declined to comment when contacted by Cryptonews.com. We also contacted CoinMarketCap for comment and will update should they reply.

In February, Binance had almost 24 million visits, while CoinMarketCap had 37 million, according to digital market intelligence platform Similarweb.

CoinMarketCap was founded in 2013 and is headquartered in Dover, Delaware, according to Crunchbase.

In January, Changpeng Zhao, CEO of Binance, revealed that the company is in talks over two “major” acquisitions which “will have a significant impact.” The CEO did not specify any further back then.

Reactions:

Great deal for @CoinMarketCap well done! Take money and buy $btc & $eth and mr @cz_binance delist all shit scam ico/ieo projects! 🤝🪐 — Chalexov.eth 🕷 (@CHalexov2016) March 31, 2020

No disrespect to Binance but this isn’t good at all for crypto. CMC is like the independent listing site for all crypto. When you have a crypto exchange / company take it over, who’s to say they will not have implicit biases when listing projects? Whatever tho, money talks right — SpydrZero (@SpydrZeroBTC) March 31, 2020

@lawmaster CMC is a highly profitable business with no external shareholders and the largest retail internet real e… https://t.co/D7TvsH4HWT — Etienne (@etiennexyz)

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