Why Has Binance Just Bought a Chinese Dapps Analytics Platform?

Binance Dapp M&A

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated: 

June 26, 2023

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Major crypto exchange Binance has continued its seemingly relentless acquisitions drive with the purchase of analytics service DappReview, an information resource for blockchain-powered decentralized applications (dapps).

In a Binance blog post, the company said that it intends to “support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.”

After snapping up the American-based wallet provider Trust Wallet in summer last year, Binance had appeared to cool its M&A plans.

But since September this year, the company has made a spate of acquisition deals, buying up Seychelles-based exchange JEX in early September, followed by the purchase of India-based WazirX trading platform in November.

The latest M&A deal would, at first glance, appear to buck the Binance trend of buying smaller exchanges – in favor of data-providing services.

DappReview, which is based in China, claims to provide data analytics, user insights and dapp information for over 3,900 dapps across thirteen public blockchains.

But readers may recall that back in September Binance also made an undisclosed investment in Mars Finance, another Chinese blockchain media and data company – an indication perhaps that Binance wants to develop data and media resources, particularly in East Asia.

DappReview provides services in Chinese and other East Asian languages, such as Korean.

DappReview has also been active in the world of blockchain gaming, another potential avenue for Binance expansion plans. DappReview co-organized a global “blockchain gaming eco-conference” in Shanghai in August, along with Cocoa China.

Binance’s Binance Labs subsidiary earlier this year held a gaming hackathon in Shanghai – a hint that gaming dapps could be another avenue for possible future Binance expansion plans.