Binance, the world’s leading cryptocurrency exchange, has taken hold of DappReview, a Beijing-based blockchain data startup. The blockchain startup keeps track of about 4,000 decentralized apps functioning on over ten public blockchains, including Tron and Ethereum. However, the firms did not divulge any information on the price at which the acquisition took place.
Enhancing Binance’s Operations
The founder of Binance’s Trust Wallet, Viktor Radchenko, said that the take over would go a long way in developing the exchange’s current dApps and creating new use cases for blockchain. He said that Trust Wallet would combine DappReview APIs to make it easy to access and explore new dApps and online crypto games. He also said that it would provide more meaningful insights into DeFi (decentralized finance) services and analytics.
Inroads Into The Chinese Bastion
The acquisition would help Binance consolidate its foothold in China as it would have a wholly-owned unit in the country. Lately, there were rumours that the exchange had offices in Shanghai and another office coming up in Beijing. It took about two to three months to finalize the acquisition.
However, DappReview will continue operating as an independent entity. After the completion of the final formalities of acquisition, the actual business of the blockchain startup will continue. Also, there will be no changes to the entire management team of the company. DappReview will continue to augment its presence on the global stage for which Binance will provide it with all the needed assistance and support in branding and marketing.
And, It’s Another Acquisition…
It seems as if Binance is on an acquisition-spree. Binance had taken over the Indian cryptocurrency exchange WazirX last month for about $5-$10 million. Before that, it had bought out JEX, which was a Seychelles-based derivatives platform. It later renamed the company as Binance JEX. In July 2018, it had acquired Trust Wallet, which is a U.S.-based mobile wallet firm. The take over of DappReview marks the latest addition to the company’s list of acquisitions.