Binance Acquires DappReview
- Binance will provide the platform with support in non-technical fields, such as marketing and business development.
- DappReview will maintain its independence in areas such as technical development and operations.
The largest cryptocurrency exchange by volume, Binance, has recently made another acquisition, this time a platform that offers data-driven research and advertising services, the company said in a press release on 2 December.
According to the announcement, Binance has acquired Beijing-based DappReview, a platform which offers its users data analytics, user insights and information for over 3,900 DApps on 13 public blockchains, including EOS, Ethereum and TRON.
The press release further stated that DappReview will remain independent in both technical development and operations.
Binance’s CFO, Wei Zhou, said:
“The DappReview team has shown its commitment to dapps and strong execution in building a leading global dapps platform within a year of establishment. Binance and DappReview share a mutual goal of driving blockchain applications. This acquisition marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future.”
While maintaining its independence, DappReview will still receive support from Binance in non-technical fields, such as marketing and business development.
The company not only offers data analytics on dapps, but also provides support to dapp developers in fundraising, product development and marketing.
The Founder and CEO of DappReview, Vincent Niu, commented on the acquisition:
“Binance’s acquisition will empower DappReview with more resources to accelerate our business growth. Our next step is to partner with more blockchain protocols and developers on dapp data integration, and push for dapps adoption on a greater scale.”
The press release further revealed that the company is expected to release a new suite of products in the first quarter of 2020. The two companies denied to disclose neither the financial terms of the deal, nor what the new products will be.
Back in September, the exchange also acquired a Seychelles-registered trading platform that offers spot and derivatives trading in cryptocurrencies, called JEX.
The aim of the exchange was to boost its crypto-asset derivatives market, and provide its users with “professional services including futures contracts, options and other derivative products”.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.