Since launching in 2017 Binance has become one of the most trusted and well known cryptocurrency exchanges, their $BNB asset has also seen phenominal gains due to the progress made by the exchange. Besides just acquiring Coinmarketcap.com Binance has also acquired Wazirx exchange, the Beijing-based Dappreview, Mars Finance, a derivatives exchange called JEX, and a digital currency mobile wallet branch called Trust Wallet. This next acquisition may end up being the largest procurement in the crypto industry so far, Is Binance looking to control a signifigant portion of the crypto space?
Coinmarketcap.com is the most popular and most well known cryptocurrency data site. The site is also ranked 570 worldwide and 819 in the United States, As crypto adoption in the western world grows I think websites like this will become much more popular. Millions of users visit the site regularly, many of them coming from the U.S, India, and Brazil.
Neither parties have spoken to the media about the acquisition, but Binance CEO Changpeng Zhao had hinted at the fact that there would be some upcoming procurements that he was very excited about.
Coinmarketcap has been viewed as controversial by many. A large number of crypto traders do not trust the information that the website provides. Previously in January 2018 the website came under fire for delisting the exchange rates of South Korean crypto trading platforms.
Some of the main concerns about this acquisition is whether or not Binance will continue these controversial behaivors on the platform or change it for the better. If Binance uses this opportunity to put itself ahead of other players in the space this could end up being very profitable for those who hold the Binance exchange token.
Hopefully for the rest of us we will see Binance handling the platform in a way that is fair for all in the crypto space.