Founder of Binance: Not Acquisition but to Co-construct Ecology with CoinMarketCap
CZ, the founder of Binance said in online AMA post-acquisition that CoinMarketCap(CMC) is one of the most valuable crypto charting platforms with a large number of users. Binance’s acquisition of CMC (undisclosed sum) is not to transfer CMC’s user flow to Binance, but to co-construct ecology.
“I hope that in the future, CMC will have 10× or even 100× growth to allow more people acquire easier access to valuable data. We cannot sacrifice one company for another. Binance has proven its competitiveness and it is necessary to exploit the value of CMC. In the future, CoinMarketCap will continue to be run as an independent business entity.”
CZ emphasizes that though the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations. 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.
Binance announced on April 2, 2020, that it has reached an agreement to acquire CoinMarketCap. The largest cryptocurrency exchange by market volume has acquired popular data site CoinMarketCap (CMC) for an undisclosed price.
As part of the transition, Brandon Chez, the founder of CoinMarketCap, will be stepping down as CEO and will be replaced by Carylyne Chan, the current Chief Strategy Officer, as interim CEO. Chez is planning to focus on his family after seven years of running the company and will remain as an advisor to CoinMarketCap.
Although crypto media The Block published estimates that Binance purchased CoinMarketCap (CMC) for $400 million, the CEO of Binance, Chanpeng “CZ” Zhao, could not affirm or deny the sum in an interview with Crypto Briefing.
“I cannot speak on the details of the deal,” said CZ. “But The Block doesn’t post super accurate information.” “We want to focus on content, rankings, news, and price alerts,” he said. “CMC makes up a big part of the content side, while Binance will continue to focus on trading.”
The Binance chief did, however, confirm that the acquisition will indeed be going through. The reasons for the purchase are multi-fold.
“CoinMarketCap will continue to expand on our mission of making crypto as an industry and asset class more discoverable and efficient, and I am certain many of our users will love the new products and changes we plan to launch at CoinMarketCap in 2020.”
Said Carylyne Chan, interim CEO of CoinMarketCap. Following the recent acquisition news, Brandon Chez, the founder of CoinMarketCap, and Carylyne Chan, the interim CEO, shared their personal thoughts with the user community.
“CoinMarketCap will strictly follow and enforce our independent listing criteria, circulating supply calculation methods and Liquidity Metric ranking methodology. CoinMarketCap will continue to be transparent to all projects and exchanges whenever we update our methodology. For example, in the upcoming rollout of the updated Liquidity Metric, we will clearly disclose what worked, what didn’t and which specific improvements have been made so that all concerned projects and exchanges can take heed and any appropriate actions.”
In the letter to users, Carylyne Chan elaborated on the following plan that CoinMarketCap will be intending to list more new data types and content on the site.
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