Binance has confirmed the purchase of the market-leading analytical service CoinMarketCap.
Related: Binance plans to acquire CoinMarketCap for $400 million
According to Binance CEO Changpeng Zhao, CoinMarketCap's vision, ethics, and corporate culture are in harmony with his company's values, as well as the service’s desire for transparency and user orientation. He is also confident that the acquisition of a leading service will contribute to the development of the crypto industry.
Zhao said that this will allow them to use each other's strengths, acting as infrastructure providers for the cryptocurrency industry.
The Binance blog says that under the terms of the deal, CoinMarketCap founder Brandon Chez will quit as CEO but remain in the role of adviser. The interim CEO of the service will be Carylyne Chan, the strategy director.
The Block publication, citing informed sources, notes that Binance invested in the capital of the analytical service, also providing a certain amount of BNB coins.
One source noted that the transaction value is close to $300 million, and negotiations between the parties have been ongoing since November 2019. Note that earlier the publication reported a transaction amount of $400 million.
It is also known that Binance plans to significantly change the CoinMarketCap business model, abandoning advertising in favor of monthly payments from exchanges.
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To clarify, CoinMarketCap is not going to start charging for listings. Please do not believe hearsay or unconfirmed media reporting.
— CoinMarketCap (@CoinMarketCap) April 2, 2020
Representatives of the analytical service, just in case, wrote that they were not going to charge for listing, urging users not to believe rumors and other unconfirmed information.