Another major acquisition is bound to happen in the world of cryptocurrency. While it may not necessarily be beneficial to the industry as a whole, Binance has plans to purchase CoinMarketCap.
In the world of Bitcoin and altcoins, there are several coin analytics platforms.
Binance Is Heading in the Wrong Direction
Most people rely on CoinMarketCap, even though it isn’t always accurate or transparent by any means.
Binance, the world’s biggest cryptocurrency exchanges, wants to acquire this particular platform.
A very interesting decision, but one that also raises a ton of questions.
First of all, there are concerns as to how Binance may try to influence information on CMC to suit its own narrative.
Secondly, many people expect this to benefit the exchange in one way or another, adding less credibility to CMC overall.
It is expected that this acquisition will occur for an amount of roughly $400 million.
Whether CMC is worth such a steep amount, is a different matter altogether.
There are ample alternative platforms out there to track coin analytics.
Most of those platforms are accurate, do not offer shade advertisements for Ponzi Schemes, and will not be acquired by an exchange.
All in all, this leads to more centralization in an industry that needs to become more decentralized.