The world’s biggest bitcoin and cryptocurrency exchange, Binance, is in talks to acquire popular crypto data site CoinMarketCap, it has been reported.
The deal, said to be in final stages, looks set to see Malta-based Binance pay as much as $400 million for CoinMarketCap, according to bitcoin and crypto news and analysis website The Block, which broke the news.
The Block reports the deal is expected to be announced later this week.
The chief executive of Binance, Changpeng Zhao (CZ), earlier this year teased the bitcoin and cryptocurrency community by disclosing the company has two “major” acquisitions in the pipeline that he is “very excited” about—adding he expects the deals to have a “significant impact” on the sector.
“As the saying goes, when you can’t beat them, buy them,” CZ wrote to Binance users in January.
“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.”
Binance made nine acquisitions in 2019, with “only a small number of them being publicly announced so far,” CZ said.
If the Binance bid for CoinMarketCap goes through it would be one of the largest ever in the burgeoning bitcoin and cryptocurrency industry and a sign it’s beginning to mature.