Saad Ullah
Bought, Yet Independent
In a blog on its own platformyesterday, CoinMarketCap announced that Binance and it had reached an agreement. The two platform will continue their vision of making digital assets accessible to the public and the acquisition will not have any major impacts on the current workings of CoinMarketCap. Binance will continue its operations as normal and so will CoinMarketCap
It was stressed in the blog that both, CoinMarketCap and Binance will remain independent platforms. The rankings at CoinMarketCap will not be manipulated to enhance the business of the crypto exchange, nor will Binance have any influence on the tokens listed there.
On the decision to buy out the data tracking website, Binance’s CEO, Changpeng Zhao said,
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. Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.
Binance is the biggest name in the crypto exchange industry, that offers good liquidity and transaction to one of the largest selection of cryptos and trading pairs. The company has its own stable coin, the BUSD, pegged to the US Dollar and currently offers zero trading fee for trade makers.
CoinMarketCap is the most visited website for getting information on any crypto asset. The platform ranks the listed tokens against their price, trading volume and market capitalization. Since its inception, the platform has remained independent of any outside stakeholders in order to offer a neutral and unbiased data to its viewers.
What is Changing?
With the merger, both platforms will be taking advantage of the data generated to ensure more information is available to their users. CoinMarketCap, for example, will help its users make more informed decisions through its newly launched Liquidity Metric and now delivering information on the derivative markets. Future plans include information on futures, options and other value added analytics.
The acquisition sees Brandon Chez, the found of CoinMarketCap, stepping down as the CEO. He will be replaced by the current Chief Strategy Officer, Carylyne Chan. The long term role of the new CEO is not defined as the position is offered on an interim basis. Chez, on the other hand, has stepped down as he intends to concentrate on his family. On the acquisition, he said,
I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that have shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap, and I am thrilled to be passing the baton on to Carylyne and the CoinMarketCap team to continue fulfilling my original vision of showcasing the crypto revolution.
The data tracking website was bought for an undisclosed amount of money.
Saad Ullah
