Binance announced that it has completed the acquisition of CoinMarketCap, the world’s most-referenced cryptocurrency data tracking site. Over the last couple of years, Binance has made several acquisitions all over the world to make cryptocurrency accessible to people. Earlier, it was speculated that Binance made $400 million deal to acquire CoinMarketCap, but the official statement did not confirm that.
Binance is considering a significant change in CoinMarketCap’s business model.
According to several news reports, Binance is considering a significant model change in the CoinMarketCap’s business model, shifting from an ad-based one to a subscription model. The CEO of Binance Changpeng Zhao said that the core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency, and user-focus. He further added that they are excited to work more closely with CoinMarketCap, which is one of the most-cited sources for cryptocurrency prices and exchange trading volume.
CoinMarketCap founder Brandon Chez is stepping down as CEO
According to the official announcement, as part of the transition, CoinMarketCap founder Brandon Chez is stepping down as CEO after running the company for seven years. CoinMarketCap’s current Chief Strategy Officer Carylyne Chan has been named interim CEO. The crypto data analysis firm has said that they will continue to operate independently, and Binance would not be able to make policy changes unilaterally.