- Binance Exchange Acquires Beijing-Based DappReview
- The new acquisition will allow Binance to develop its dApps and setup new Blockchain utility.
According to reports, the world’s largest digital currency exchange, Binance, has acquired the Beijing-based DappReview. DappReview is an evaluation platform designed to offer data-driven solutions and advertising services to dApps. According to Viktor Radchenko, the founder of Binance’s Trust Wallet, Binance’s acquisition of DappReview will help it develop its existing dApps. It will also facilitate the creation of new Blockchain use cases.
In return for the benefits that Binance will enjoy as a result of the acquisition, Binance will offer DappReview the support it needs in non-technical fields like marketing and business development which will allow the platform to maintain its independence in operations and technical development.
Per the report, DappReview will launch a new set of products during the first quarter of next year. The company’s representative declined to make comments when asked about the new products that will be launched. However, it was described as an analytical tool. Binance’s acquisition of DappReview means it will now have a Beijing-based wholly-owned subsidiary. In recent weeks, the world’s largest exchange vociferously denied emerging reports that it had closed one of its offices in Shanghai. Binance had also played down rumors that it will launch a Beijing office in the future.
Binance Declined for Comments when Asked About the Cost of the Deal with DappReview
The terms of the deal to acquire DappReview remain unknown because Binance declined to give details of the financial terms. The largest exchange didn’t disclose details of the particular entity that completed the acquisition.
Founded in March of last year by a former quant and BlackRock risk analyst, the DappReview platform provides only data-based research solutions and advertising services on no less than 3,900 dApps including wallets and exchanges, on about 13 public Blockchain’s, EOS, Tron and Ethereum. It is understood that DappReview has its own private influencer media account on the WeChat social media platform.
WeChat is the Chinese equivalent of leading social media platform, Facebook. It is through its WeChat account that DappReview provides reports on the latest dApps in Chinese. With its social media and data analytics account, the DappReview platform also offers its user’s marketing and advertising services. The entities that enjoy this include companies in the digital currency space, according to DappReview’s website.
It is not clear yet how this will impact the crypto market as a whole. The crypto winter lingered all through last week with coins seeing double digit loses. Altcoins are suffering while the largest crypto by market cap is also being affected by this turn of events.