Binance Might Acquire CoinMarketCap – Report

Binance Exchange M&A

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Linas Kmieliauskas

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Linas Kmieliauskas

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June 25, 2023

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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.

CoinMarketCap tweeted today (tomorrow is April Fools’ Day):

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.

Market data providers ranked by visits in February:

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.

According to public records, in the last twelve months, Binance acquired three other companies.

Also, among other investments, Binance made an unspecified “strategic equity investment” into FTX, a crypto derivatives platform, in December.

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