It all started out as a rumor and many thought it was just another April Fool’s prank, but it is now official. Binance has acquired the largest cryptocurrency data tracking site, CoinMarketCap (CMC), the exchange announced today.
The coming together of the largest crypto companies is considered an industry milestone, as it could eventually result in significant opportunities, especially in the area of cryptocurrency data tracking, which will contribute to the growth of the industry.
While commenting on the development, the CEO of Binance, Changpeng Zhao (CZ), said that the core DNA of CoinMarketCap aligns with Binance’s ethics and culture. This ranges from its integrity to its value of freedom, user-focus, and transparency.
“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,” CZ added.
Binance expressed interest in working closely with CMC, as the cryptocurrency data provider stays more committed in offering the most accurate, and quality digital currency data in the industry, as it leverages Binance’s expertise, resources, and scale.
Since its inception, CoinMarketCap has maintained independence from external stakeholders, according to the report. The acquisition will not affect this, as the data provider will continue to operate as a separate business entity. None of the entities can influence the operations on the other.
Brandon Steps Down as CMC’s CEO
Meanwhile, the current CoinMarketCap’s Chief Strategy Officer Carylyne Chan will take up the role of the CEO, as Brandon Chez, the mysterious founder of CoinMarketCap, will step down as CEO to focus on his family after seven years of running the company. However, Chez will remain with CMC as an advisor.
“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 user-focused philosophy at CoinMarketCap,” Brandon commented.