Binance acquires cryptocurrency data tracking site CoinMarketCap

Leading crypto exchange company Binance, today announced that it has acquired CoinMarketCap (CMC), the world’s most-referenced crypto asset data tracking site, for an undisclosed sum. CoinMarketCap will continue to be run as an independent business entity.

“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,” says CZ Binance CEO. “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.”

CoinMarketCap pledges to continue providing the highest level of information integrity by ensuring data accuracy and improving its ranking methodologies. To enrich the decision-making process of its users, the company recently launched a new Liquidity Metric and added derivative market data, new rating metrics, and analytics from trusted partners. CoinMarketCap intends to expand its information offerings to include trading products such as futures, options, lending, and more value-added data analytics and tools.

As part of the transition, Brandon Chez, the founder of CoinMarketCap, will be stepping down as CEO and will be replaced by Carylyne Chan, the current Chief Strategy Officer, as interim CEO. Chez will remain as an advisor to CoinMarketCap.

“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,” said Chez.

CoinMarketCap is one of the most-cited sources for crypto asset prices and exchange trading volume, and has maintained independence from external stakeholders since inception.

“I am optimistic about this new phase of growth for CoinMarketCap,” said Carylyne Chan, interim CEO of CoinMarketCap. “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.”

Exit mobile version