Binance to Acquire Coinmarketcap?

Crypto companies see “getting listed on Coinmarketcap” as a major milestone for their projects.

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Cryptocurrency exchange Binance is in talks to acquire leading crypto price information website Coinmarketcap.

Established in 2013, Coinmarketcap is the go-to website to find data, including prices, of cryptocurrencies. Crypto companies see “getting listed on Coinmarketcap” as a major milestone for their projects. As per traffic monitoring site SimilarWeb, Coinmarketcap had 37 million visitors in February 2020 more than competitors like Coingecko (8.33 million).

Coinmarketcap’s ability to drive traffic is seen as a reason for Binance to acquire the website. The Block reported that Binance is looking to acquire the crypto data aggregator for $400 million, making it one of the largest acquisitions in the crypto industry.

Binance remains the most visited crypto exchange at 23.8 million visits last February 2020. If there will be an integration between Coinmarketcap and Binance, the exchange could be the go-to link whenever a user checking a price in Coinmarketcap will pursue in buying a particular token.

The Block noted that Binance has been acquiring companies in the last few years. In 2018, it acquired Trust Wallet, followed by JEX, WazirX, and DappReview in 2019.

Some of the largest acquisitions to date in the crypto industry include Circle acquiring crypto exchange Poloniex for $400 million and Coinbase acquiring for $120 million.

If an integration with Binance and Coinmarketcap will happen, a possible outcome is for Coinmarketcap to drive traffic to Binance. This may further increase the traffic of Binance, moving further away from its competitors Coinbase and BitMEX, both of which are runners up to Binance in terms of website traffic in the crypto exchange industry.

Source: The Block, Similarweb

This article is published on BitPinas: Binance to Acquire Coinmarketcap?

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