CoinMarketCap to Work Independently Even After Merger with Binance

CoinMarketCap to Work Independently Even After Merger with Binance

Despite the rapid speed of coronavirus and its negative impact on global markets, the crypto industry witnessed the biggest merger deal in history.

The world’s most popular crypto exchange Binance has signed an agreement to acquire CoinMarketCap, the most accurate, real-time crypto data website, according to Cointelegraph website.

Binance CEO Changpeng Zhao said Binance and CoinMarketCap have the same vision of making digital assets more accessible and useful for interested people. Zhao said:

“The acquisition will enable us to build on each other’s strengths, and further grow and instill transparency in the industry.”

The CEO indicated that his company has been negotiating with CoinMarketCap a few months before concluding the merger deal in April.

It was rumored that the deal is valued at around $400 million. However, Zhao noted that his company cannot unveil the value as it is subject to a non-disclosure agreement.

CoinMarketCap to operate independently

Although the two parties are going to operate closely, CoinMarketCap will continue working independently, both companies confirmed.

Zhao said:

“Binance has no bearing on CoinMarketCap rankings. CoinMarketCap stays committed to providing the most accurate, timely and quality cryptocurrency data in the industry while benefiting from Binance’s expertise, resources and scale.”

Moreover, CoinMarketCap will not experience any changes in its short-term, even at least the next two months. Chan told Cointelegraph:

“Other than that, there won’t be any other major team changes at CoinMarketCap. Everyone is going to stay on and everyone is really excited about what’s happening. […] I think that no other major changes that we see, definitely not in the next couple of months.”

Binance forays into Korea

Binance has announced that it will launch soon a new platform named ‘Binance KR’ in the Korean market.

According to a blog post published on 31 March, the new exchange will be launched on Binance Cloud. It will provide “the market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”

In addition, Binance KR will support Binance KRW (BKRW), which is a South Korean Won (KRW)-backed stablecoin.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.