OKEx Founder Pointed Out Binance For Acquiring CoinMarketCap Worth $400 Million

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The CoinMarketCap founders found to be delighted in the crypto ecosystem as the top exchange Binance is set to acquire the aforementioned entity worth $400 million.
  • The OKEx founder Jay Hao, hinting CZ about the valuation of CMC acquisition, as per Jay’s view the CoinMarketCap may not be of that much value from what it is quoted.
  • Not only Jay but also some traders and investors questioning the huge buyout.

With the end of the scary March roofed with COVID-19 pandemic’s hyper situation, big news received from the crypto industry.

Binance to Acquire CoinMarketCap

The CoinMarketCap (CMC) founders found to be delighted in the crypto ecosystem as the top exchange Binance is set to acquire the aforementioned entity worth $400 million.

The exchange is dealing with the final words with CMC for a possible cash-and-stock deal that is commenced to be completed later in the week.

Earlier this year, the CEO of Binance Changpeng “CZ” Zhao stated that the exchange is going to take two prominent decisions. These acquisitions are ‘major’ and will have a ‘significant impact’ on the market. The CoinMarket Cap is one of those two deals.

Investors questioning about the huge buyout

With this hot buzz, social media players became active by sharing their expert opinions. The OKEx founder Jay Hao, hinting CZ about the valuation of CMC acquisition, as per Jay’s view the CoinMarketCap may not be of that much value from what it is quoted.

Adding to this, he also said that it will be much better if the exchange will use $400 million to buy back a fifth of Binance Coin (BNB) which will be good for its users.

Not only Jay but also some traders and investors questioning the huge buyout. The traders raised their inconsistencies about the announcement on the platform.

A trader tweets pointing out Binance that acquisition worth $400 million is meaningless, there are better alternatives out there in the market. He suggests HitBTC is the most liquid exchange in the crypto.

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