Binance, a large cryptocurrency exchange by market volume, has just bought popular data site CoinMarketCap (CMC) for an undisclosed price.
Binance CEO Changpeng ‘CZ’ Zhao told CoinDesk the deal closed March 31, 2020, although a verbal agreement had been reached ‘a few months ago’. With its extensive (although often questionable) data on prices, volumes, and other metrics for 5,290 cryptocurrencies, CMC has served as a dragnet for retail investors since its launch in 2013, according to CoinDesk.
CMC could serve as a marketing channel for Binance, steering prospective customers toward the exchange, the online publication continues. While both companies’ founders declined to give actual figures for the acquisition, citing non-disclosure agreements, Zhao confirmed it was Binance’s biggest acquisition to date.
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