This has not been long since Binance, a global largest cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies, was brought to public with the hands of Changpeng Zhao (CZ) and Yi He. As per report, Binance wants to buy the website of coinmarketcap.com, a platform created to track the capitalization of different currencies, for $400 million. Binance has grown up to a large popularity within two years of its launching. The firm has also acquired the Indian Exchange Wazirx, a derivatives exchange JEX and a digital currency mobile wallet branch called Trust Wallet.
Binance is reportedly close to completing a cash and stock deal with the owners of coinmarketcap.com. The website Binance is willing to purchase is one of the most popular cryptocurrency data sites ranked 570 wordwide and 819 in the Unites States. The websites have millions of visits every single day has a high traffic. The deal between Binance and coinmarketcap.com is a cash-and-stock deal involving $400 million. The deal involves the largest total of money that has ever been done before.
Discrepancies in Coinmarketcap’s data
The acquisition of the website is still under the cover but the officials of Binance are much hyped about the acquisition. The proprietor of Coinmarketcap, Brandon Chez, kept his identity unknown, up until he was doxxed by the Wall Street Journal on January 23, 2018. The owner sat down for a fireside chat with the anonymous Sunny King last year during the Capital conference. But a fact that there are a number of people who don’t have faith in the data that stems from the site. The website was censored in January 2018 for letting off the exchange rates of South Korean crypto trading platforms. The discrepancy of data caught sight of officials when cross-referencing coinmarketcap.com’s data with the substitute crypto market valuation sites. Hearing the history of CMC, some are in favor of it whereas some aren’t. There were both applause and criticism on Twitter. Reportedly CMC allowed some scam advertise on their site. But Binance is buying their website anyhow.