Binance acquires CoinMarketCap

Binance has recently completed the acquisition of CoinMarketCap, the world’s most-referenced cryptocurrency data tracking site.

Binance CEO, Changpeng Zhao (CZ) 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 further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”

Despite operating jointly, however, both entities will maintain a strict policy of independence from one another. Meaning that Binance will have no bearing on CoinMarketCap’s rankings. At the same time, the latter will not influence any of the exchange’s operations, the announcement explained.

As part of the transition, CoinMarketCap founder Brandon Chez is stepping down as CEO, to focus on his family after seven years of running the company, but will remain as an advisor. CoinMarketCap’s current Chief Strategy Officer Carylyne Chan has been named interim CEO.

Brandon Chez said:

“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap.”

Carylyne Chan said:

“Ever since our humble beginnings in 2013, we have been public about our commitment to remaining neutral by avoiding censorship and judgment of projects or exchanges that we list, preferring to let users 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 prejudice.”

“For many, CoinMarketCap is the landing page of our industry, and like Binance, it has built its community around user trust. We plan to empower CoinMarketCap to continue to build innovative, useful products for its users and the global community,” said CZ.

 

Source: www.binance.com

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