The Block reports on the basis of anonymous sources that Binance is planning to take over CoinMarketCap. The deal could be worth $400 million.

Biggest takeover could be rumor

This rumour comes entirely from The Block, they describe their source as: people who are familiar with the deal. And according to these people, Binance is in the final stages of talks to take over CoinMarketCap for the enormous sum of 400 million dollars.

The deal is expected to be announced this week. Should this deal really be closed, it will be one of the largest takeovers in our industry. The idea is that Binance will buy all the shares of all the shareholders of CMC.

Fits Binance’s strategy

In his New Year resolution, Binance CEO Changpeng “CZ” Zhao wrote that there are two acquisitions in the pipeline that he is very excited about. The CoinMarketCap deal could be one of those two deals.

CoinMarketCap is one of the most popular websites to look up cryptocurrency quotes. In recent months, the website has attracted 207 million visitors and at least 200,000 people have downloaded their app.

The Block says ‘people who are familiar with the issue’ that the number of visitors is the main reason why Binance wants to take over CoinMarketCap.

Previous deals

A possible acquisition of CoinMarketCap fits in well with Binance’s strategy. In 2019 they took over at least nine companies, because not all takeovers have been made public. A few examples are wallet provider Trust wallet, blockchain data startup DappReview and the Indian cryptocurrency exchange WazirX.

CoinMarketCap was founded in 2013 by the anonymous Brandon Chez in Delaware, United States. The site has the image of being independent and fair to all exchanges and coins. If Binance becomes the boss of CoinMarketCap, the website can’t keep up the appearance of independence for long.

Binance is the largest cryptocurrency exchange in the world. In addition to their global exchange, they have also had to open location-specific services such as Binance US due to legislation.