Binance buys CoinMarketCap

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.