Pompliano Says CZ Paying $400 Million to Buy CMC, CZ Says Never Confirmed the Price
Binance CEO Changpeng Zhao, CZ as he is known commonly, was recently on Anthony Pompliano’s podcast and spoke of various topics ranging from the impact of COVID-19 to Binance’s recent acquisition of CoinMarketCap. While sharing the Spotify link to the podcast on Twitter, Pompliano also said the CZ is paying $400 million to acquire CMC.
New episode with @cz_binance is live!
We discuss how COVID-19 is impacting Binance, why CZ is paying $400 million for CoinMarketCap, what trends Binance is seeing in non-US countries, and why CZ wants to potentially turn Binance into a DAO.
— Pomp 🌪 (@APompliano) April 5, 2020
Interestingly enough, CZ responded to the claim made by the Morgan Creek Digital founder, stating that he did not confirm the price tag of buying CMC, though he also mentioned that the podcast was a good one.
In a recent live session on Twitter, the Binance chief spoke about their acquisition of CMC, stating that their main intention is to expand the platform, which he considers to be the most valuable of its kind in the industry. He also added that his philosophy behind acquiring any business is that it should be able to compete independently, and Binance.com will in no way get preferential treatment. CZ had said,
“In my mind, CoinMarketCap is a super valuable platform. I think it is probably the most valuable platform out there because it has the highest number of visits, so it is the most visited website in our industry. And the acquisition from our perspective is not to acquire CoinMarketCap so that we direct all the traffic to Binance.com. I think that would destroy lot of value because not everyone who want to use CoinMarketCap, including myself, serve or have the same product.”
One of the aspects that Pompliano covered in the podcast with CZ was how Binance sees the non-US markets, which is an important point, especially when the US market is facing a recession as bad as 2008, if not more. You can listen to the entire podcast here.