Binance, one of the world’s biggest spot cryptocurrency exchanges, is apparently about to acquire Coinmarketcap in a $400 million deal. If this deal goes through, it will be tied for the biggest crypto acquisition in history, which was Circle’s $400 million acquisition of Poloniex.
Coinmarketcap is the most popular website for crypto data, including data about thousands of cryptocurrencies and hundreds of crypto exchanges, and it had 207.2 million visitors in the past 6 months.
Considering the tremendous amount of traffic that Coinmarketcap has, it is quite logical for Binance to acquire Coinmarketcap. Binance had 113.8 million visitors in the last 6 months, meaning Coinmarketcap has 80% more traffic than Binance.
Notably, Coinmarketcap has not raised any external funding to date and was built completely from the ground up. It appears this deal is equivalent to Coinmarketcap cashing out.
Beyond this Coinmarketcap deal, Binance has been on an acquisition spree. In 2018 Binance purchased TrustWallet, and in 2019 Binance purchased WazirX, DappReview, and JEX. Further, Binance acquired another 6 companies last year but kept the deals private.
Essentially, it appears that Binance is aiming to become the Walmart of crypto by using their profits to acquire companies across all sectors of the crypto space. Indeed, when the Coinmarketcap acquisition is final, Binance will have access to most of the traffic in the crypto space, since practically every crypto user utilizes Coinmarketcap.