According to a recent report by The Block, people familiar with the deal have shared that the cash-and-stock acquisition could close as soon as this week. The acquisition would be among the largest in the history of the cryptocurrency industry.
As indicated in the report, Binance is likely attracted to CoinMarketCap’s massive userbase as it continues to develop its user acquisition funnels. The website sees tens of millions of users per month, which allowed CMC to maintain its operations without the need for external capital.
These rumors come roughly 3 months after Binance acquired DappReview, a Beijing-based database platform for decentralized applications (dapps) for an undisclosed amount. If Binance does acquire CoinMarketCap, competitors like CoinCodex and CoinGecko will likely become more attractive acquisition targets moving forward.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.