By Tobi Loba
Binance, the largest cryptocurrency exchange by trading volume has recently announced the acquisition of the leading cryptocurrency market data company, CoinMarketCap.
This huge acquisition, which results in the combination of the two most trusted brands in crypto is seeing as a big means for the cryptocurrency industry to advance further.
CoinMarketCap is a long-standing and trusted brand with a commitment to provide accurate, timely, and quality crypto-related data. This new development will open CoinMarketCap to the full benefit of Binance’s productivities.
The CEO of Binance Changpeng Zhao, popularly known as CZ displayed his excitement while reacting to the huge deal.
He 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.
“For many, CoinMarketCap is the landing page of our industry, and like Binance, it has built its community around user trust. We plan to empower CoinMarketCap to continue to build innovative, useful products for its users and the global community,”
As part of the process of the acquisition, the founder of CoinMarketCap, Brandon Chez, will step down as the CEO to focus on his family after seven years of leading the company, the report has said.
However, Brandon Chez will still remain as an advisor. Carylyne Chan, the company’s current Chief Strategy Officer will take his place as the acting CEO.
Brandon Chez 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 has 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.”
Carylyne Chan said:
“Ever since our humble beginnings in 2013, we have been public about our commitment to remaining neutral by avoiding censorship and judgment of projects or exchanges that we list, preferring to let users make their own decisions based on the data. We are delighted that the Binance team has been unequivocal in ensuring that we can continue to adhere to our methodology without prejudice.”