As per the latest report, the world’s largest crypto exchange, Binance is all set to acquire the most popular crypto data site, CoinMarketCap. 

The report notes that the exchange is in final talks with CoinMarketCap and the deal sounds pretty impressive for CoinMarketCap. The acquisition deal is likely to be signed for $400 million, as per The Block. Binance and CoinMarketCap are the two major players in the crypto market - while former amassed 24million users as per February data, the latter had almost 37 million within the same time. It was also added that the traffic of CoinMarketCap is 80% higher than that of Binance’s. 

While Binance acquired India’s largest exchange WazirX in late 2019, the exchange’s CEO Changpeng Zhao (CZ) back in January this year highlighted the company’s plan of two major acquisitions. However, CoinMarketCap was one major crypto firm in Binance’s list of acquisition deals. The exchange CEO wrote to Binance users early this year as follows:

"As the saying goes, when you can’t beat them, buy them," wrote CZ, adding… "When we identify top talent with a top product that we can’t beat, and the teams share common values, a merger makes sense in most cases. There are always a number of deals being discussed at any given time, and there are 2 that I am very excited about specifically. We will announce them in due time."

It was also stated that the platform’s ability to gain traction from “a significant amount” of web traffic is the major reason for Binance to consider CoinMarketCap's acquisition. Binance which founded in mid-2017 has outgrown in terms of users, business deals and market capitalization within a short period. In fact, the exchange had signed nine acquisition deals in 2019 alone. Some of the names that have been revealed are Trust Wallet, DappReview, WazirX and Seychelles-based derivatives platform JEX.