The cryptocurrency analytic portal CoinMarketCap, one of the most popular among users, changed ownership. Binance reportedly paid $400 million for the acquisition.

Binance confirmed that it acquired CoinMarketCap, a popular cryptocurrency analytic portal. Two days earlier the rumors about the deal leaked to the media. According to The Block citing sources familiar with the deal, the exchange paid $400 million for CoinMarketCap.

As media reports, the purchase was made in cash and shares.

"Welcome to the #Binance family @CoinMarketCap," announced the cryptocurrency exchange on Twitter.

Later, the head of Binance Changpeng Zhao in an interview with Cointelegraph explained the decision to acquire the portal:

“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.”

Zhao told Cointelegraph that the company has been in talks with CMC for a few months before closing the deal in April.

Earlier in 2020, Binance CEO Changpeng Zhao announced that the exchange was negotiating two important deals, which will have a significant impact.

As part of the transition, CoinMarketCap founder Brandon Chez is stepping down as CEO, to focus on his family after seven years of running the company, but will remain as an advisor. CoinMarketCap’s current Chief Strategy Officer Carylyne Chan has been named interim CEO, Binance announced in its blog.

In October 2019, Carylyne Chan announced that the project does not plan to raise funding in the near future.

According to SimilarWeb, CoinMarketCap is the most popular crypto data aggregator. The number of visitors to the CMC website over the past six months amounted to 207.2 million. Over the same period, the number of Binance stood at 113.8 million.

CoinMarketCap was founded in 2013 by Brandon Chez in Delaware, USA.