The Crypto Industry’s $400M Cash and Stock Deal – Binance to Acquire Coinmarketcap.com

The Crypto Industry’s $400M Cash and Stock Deal - Binance to Acquire Coinmarketcap.com

The popular cryptocurrency exchange Binance is allegedly in talks with the owners of coinmarketcap.com in hopes of purchasing the website for $400 million. People familiar with the matter explained the acquisition will be announced this week and could be one of the largest procurements in the cryptocurrency and blockchain industry to-date.

Also read: Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up

Binance Will Reportedly Purchase Coinmarketcap.com for $400 Million

Binance has grown quite large since launching in 2017 when the global cryptocurrency exchange was founded by Changpeng Zhao (CZ) and Yi He. The following year in 2018, the exchange was considered the largest in the world in terms of cryptocurrency trading volume. The firm has also acquired the Indian exchange Wazirx, the Beijing-based Dappreview, a derivatives exchange called JEX, Mars Finance, and a digital currency mobile wallet branch called Trust Wallet. Now according to people familiar with the matter, Binance is set to announce another acquisition and it might end up being the largest procurement in the crypto industry so far.

The Crypto Industry’s $400M Cash and Stock Deal - Binance to Acquire Coinmarketcap.com
Reports detail that Binance will announce the acquisition of coinmarketcap.com (CMC) later this week.

The official story floating around crypto-land is that Binance is close to completing a cash and stock deal with the owners of coinmarketcap.com. The website is one of the most popular cryptocurrency data sites and according to Alexa ratings, coinmarketcap.com is ranked 570 worldwide and 819 in the United States. Coinmarketcap (CMC) gets a lot of traffic from countries like the U.S., India, and Brazil as the site sees millions of users visiting the site regularly. The Binance acquisition of coinmarketcap.com is ostensibly a cash-and-stock deal that involves $400 million. Speculators assume that it will be the largest acquisition within the cryptocurrency and blockchain industry to date. For instance, the coinmarketcap.com transaction would be well over the capital injected into 21 Inc. ($121 million), otherwise known as earn.com.

The Crypto Industry’s $400M Cash and Stock Deal - Binance to Acquire Coinmarketcap.com
CMC sees millions of users visiting the site regularly. According to Alexa ratings, coinmarketcap.com is ranked 570 worldwide and 819 in the United States.

CMC’s Data Discrepancies and the Crypto Community’s Commentary Concerning the Binance Takeover

Both Binance and coinmarketcap.com have not spoken to the media about the acquisition, but Binance CEO Changpeng Zhao did hint at some upcoming procurements that he was “very excited” about. Coinmarketcap has an interesting history as the owner Brandon Chez kept his identity unknown, up until he was doxxed by the Wall Street Journal on January 23, 2018. Chez also sat down for a fireside chat with the anonymous Sunny King last year during The Capital conference.

Coinmarketcap has had its share of controversy as well and a number of people do not trust the data that stems from the site. The crypto market cap aggregation website was criticized during the first week of January 2018 for delisting the exchange rates of South Korean crypto trading platforms. When cross-referencing coinmarketcap.com’s data with alternative crypto market valuation sites like messari.io, there’s some discrepancies when it comes to “reported” and “real” or onchain trade volumes.

The Crypto Industry’s $400M Cash and Stock Deal - Binance to Acquire Coinmarketcap.com
The acquisition for $400 million might be the largest in the cryptocurrency and blockchain industry to date. Social media posts and forums show that most crypto enthusiasts have been joking about the procurement in a negative fashion.

After the Binance acquisition of coinmarketcap.com (CMC) stories hit social media and crypto forums, a great number of digital asset proponents discussed if it would be “good or bad” for CMC. “I don’t like it at all — I guess I’ll continue to use my favorite CMC alternatives,” one person tweeted after hearing the news.

“CMC has been bad for years — The amount of scams they’ve allowed to advertise on their site has been awful. Hopefully [Changpeng Zhao] changes that,” another crypto proponent added. A great number of the comments on Twitter were negative and many people talked about the relationship between Tron and Binance as well.

“Binance buying [coinmarketcap.com] — How long until BNB and Tron are #1 and #2 and Digibyte is delisted?” the Twitter account @Litecoinfam tweeted on Tuesday.

What do you think about the possibility of Binance acquiring coinmarketcap.com? Let us know in the comments below.

 

The post The Crypto Industry’s $400M Cash and Stock Deal – Binance to Acquire Coinmarketcap.com appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2xCD2tr

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more