Binance confirms acquisition, CoinMarketCap founder announces retirement with a cool $400 million in hand!

According to blockchain media source The Block, the leading exchange Binance is reportedly in the final stages of acquiring the largest cryptocurrency data platform CoinMarketCap, with a possible acquisition amount of up to $400 million. Binance has confirmed this news in a public announcement. Interestingly, the mysterious founder of CoinMarketCap, Brandon Chez, has directly announced his retirement.

Will CMC be affected after being acquired by Binance?

Previously reported by The Block, the acquisition news has now been confirmed by Binance through an announcement today. Binance has acquired the most widely used cryptocurrency price data website, and many people are concerned about the issue of "impartiality".

As expected, the announcement also addressed this issue, and the answer is not surprising. The announcement states: "CoinMarketCap has maintained its independence from external stakeholders since its inception and will continue to operate as an independent business entity. While Binance cryptocurrency exchange and its token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are independent entities that strictly maintain independence policies towards each other: Binance's ranking on CoinMarketCap is unrelated, and CoinMarketCap does not affect Binance's operations."

Furthermore, the acquisition of CMC also demonstrates the potential of cryptocurrency startups. Since its founding in 2013 until December 2018, the website had data on over 2,000 tokens listed, and now it ranks 1733rd globally in website traffic and 18th in the investment category.

Mysterious founder Brandon Chez retires directly

The mysterious founder Brandon Chez has never had deep contact with the media. According to a 2018 report by The Wall Street Journal, he was only 31 that year, so he should be 33 this year.

After the acquisition, Brandon Chez stepped down as CEO and will focus on his family after running the company for seven years, but will continue to serve as a consultant. CoinMarketCap's current Chief Strategy Officer Carylyne Chan has been appointed as interim CEO.

Brandon Chez stated:

"I believe that among all the teams that could acquire CoinMarketCap, Binance is one of the best choices. Their team has repeatedly demonstrated that they care about their users and will do their best for them even in the most challenging times. This spirit will continue to be reflected in CoinMarketCap's user-centric philosophy."

Carylyne Chan added:

"We are pleased that the Binance team unequivocally ensures that we can continue to adhere to our approach without deviation."

Binance founder Changpeng Zhao stated:
"The core DNA of CoinMarketCap, from its integrity to its values of freedom, transparency, and user-centricity, is closely related to Binance's ethics and culture."

More and more cryptocurrency startups with user value are being acquired by cryptocurrency exchanges, which may prove that even in the blockchain and cryptocurrency field, true practical applications are rare, but financial and trading applications are gradually maturing. Who will be able to dominate the market after large-scale popularization is a fierce competition among various parties.