Crypto companies in different parts of the world are willing to spend millions of dollars to expand their operations. It makes sense, as cryptocurrencies offer a number of advantages in comparison with fiat currencies. The coronavirus pandemic caused a lot of problems for the investors as many companies are struggling to avoid the worst-case scenario.
Binance is the biggest Bitcoin and cryptocurrency exchange in the world. However, this crypto exchange has no intention to stop and it plans to expand its services. According to the information, Binance is in talks to buy popular crypto data site CoinMarketCap.
Moreover, a crypto exchange based in Malta is willing to pay as much as $400 million for the popular crypto data site.
The deal is expected to be announced later this week. The major reason why Binance plans to acquire the CoinMarketCap is the ability of this site to drive a significant amount of web traffic.
As a reminder, last year Malta-based crypto exchange made nine acquisitions. However, Binance so far revealed only some of the acquisitions.
Interestingly, the primary focus of this exchange is to enter new markets. For example, in 2019 Binance started to offer its services in the U.S.
How crypto industry reacted on this news
The Crypto industry is evolving and information stated-above shows that exchanges are willing to spend a lot of money. However, not everyone supports this potential deal.
For example, according to Larry Cernak, The Block’s director of research, CoinMarketCap will no longer be impartial. However, this data site already doesn’t have a good reputation among the crypto community.
Notably, this deal has the chance to become one of the largest deals in the history of the crypto industry. Nevertheless, not everyone is happy that Binance wants to acquire the CoinMarketCap. It is too early to say whether Binance and the data site would sign this deal.