Amid current challenges faced by global markets around the world following the COVID-19 Pandemic, cryptocurrencies have surged stronger recently recording one of the biggest crypto mergers.
The world’s biggest cryptocurrency exchange, Binance, in an agreement they reached with CoinMakerCap (CMC), one of the most referenced crypto currency has acquired the company. The acquisition is rumored to have cost Binance $400 million although, Zhao, founder and CEO of Binance said that the company cannot disclose the amount of the deal, as it is protected by a non-disclosure agreement.
The acquisition was officially made known to newsmen on April 2.
Changpeng Zhao, said that Binance and CMC were very similar, as they were both providers of “access-to-crypto” and shared a vision of making crypto assets more accessible and useful for people around the world.
Zhao said: “The acquisition will enable us to build on each other’s strengths, and further grow and instill transparency in the industry.”
In an interview, Zhao told newsmen that the company had been in talks with CMC for a few months before closing the deal in April and although Binance has acquired the CMC, the company will still continue to work as an independent entity as the acquisition would not change its independence from stakeholders, both parties affirmed.
“Binance has no bearing on CoinMarketCap rankings. CoinMarketCap stays committed to providing the most accurate, timely and quality cryptocurrency data in the industry while benefiting from Binance’s expertise, resources and scale.”
However, as part of the agreement, CMC was to immediately undergo some internal restructuring. Brandon Chez, CMC’s founder, will be stepping down as CEO and will be replaced by CoinMarketCap’s current chief strategy officer, Carylyne Chan, as interim CEO.
As to the CoinMarketCap team, it was gathered that the acquisition will not see any changes in its team in the near future, or at least the next couple of months. Chan said.
BINANCE, CoinMarketCap, Changpeng Zhao, Merger, Cryptocurrency,