CoinMarketCap Acquisition Announced By Binance

Binance the world’s largest digital asset exchange platform had officially announced the acquisition to cointelegraph . This acquisition comes amid the tough times of coronavirus and the rough times that the exchanges are facing. CZ the CEO of Binance said to CoinTelegraph that both CMC and Binance are similar, in that they provide access to crypto.

He also added that the company has been in talks with CMC regarding the acquisition for the past few months. While the acquisition is rumored to have cost Binance $400 million, the amount spent went undisclosed by the CEO.

CZ has also stated that the companies aim to build on each other’s strengths. Apart from this it was reported that the internal workings of CMC will soon undergo changes, that were stated as a part of the deal, If you would like to more about this we advise you to take a look at the original article written by CoinTelegraph.

Aside from the acquisition’s internal changes, CMC is said to remain neutral organisation, that would adhere to its general methodology. CMC will continue to operate independently and will ensure transparency of data.

Binance is said to contribute significantly to the future developments of the company.