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Binance has confirmed the acquisition of ConMarketCap


Official confirmation has arrived, Binance has acquired CoinMarketCap (CMC).

The published rumor does two days It turned out to be correct, although the sum has not been disclosed. The rumor released by The Block indicated $ 400 million.

From now on, Binance and CoinMarketCap will work together to pursue their common vision of making cryptocurrencies more accessible to everyone worldwide.

The new owner promises that CMC will continue to function as an independent business entity and the two will continue to be separate entities with a strict policy of independence from each other.

Binance claims that it has no bearing on CMC's ratings, and CMC claims that it has no influence on the exchange's operations. However, CMC will benefit from Binance's expertise and resources, for therefore, this may not be such a clear separation.

However, CoinMarketCap is committed to continuing to provide the highest level of information integrity, ensuring accuracy and classification methodologies. With the new resources, CoinMarketCap intends to expand its information offering to include trading products such as futures, options, loans, and value-added data analytics.

This is a merger of two leading players in two different areas of the cryptocurrency industry, which makes Binance a key player in this sector.

Binance 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 continue to grow and instill transparency in the industry. This will allow us to build on each other's strengths, jointly serving as crypto infrastructure providers.

For many, CoinMarketCap is the home page for our industry and, like Binance, has built their community around user trust. We plan to train CoinMarketCap to continue building innovative and useful products for its users and the global community. ”

As part of the transition, the founder of CoinMarketCap, Brandon Chez, will resign as CEO and will be replaced by the current director of strategy, Carylyne Chan.

Chez commented:

"I think of all the teams in the space that could acquire CoinMarketCap, Binance is one of the best options. They are a team that has proven time and time again that they care about their users and will do their best, even in the most difficult times. This spirit will continue to be reflected in our own user-centric philosophy at CoinMarketCap, and I am delighted to pass the baton to Carylyne and the CoinMarketCap team to continue to fulfill my original vision of showcasing the cryptocurrency revolution. ”

The new interim CEO of CoinMarketCap, Carylyne Chanadded:

"I am optimistic about this new phase of growth for CoinMarketCap,. Since our humble beginnings in 2013, we have made public our commitment to remain neutral by avoiding censorship and judgment of the projects or exchanges we list, preferring to allow users to 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 bias.

CoinMarketCap will continue to expand on our mission to make cryptocurrencies as an industry and asset class more recognizable and efficient, and I am sure that many of our users will love the new products and changes that we plan to launch at CoinMarketCap in 2020 ″.

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