Malta-based cryptocurrency exchange Binance has announced its acquisition if Beijing-based blockchain information and analytics platform DappReview. The leading exchange revealed the deal on Tuesday stating in a press release that it aims to “support DappReview to further develop the dApps ecosystem and foster greater blockchain adoption.”
According to the release, DappReview will remain largely autonomous especially when it comes to the technical aspects of its services. The startup will maintain its current technical operations and development as Binance pitches in towards the non-technical fields such as expansion, marketing, and business development. According to the deal, Binance has wholly acquired the startup but did not disclose the financial details of the acquisition.
“On-chain applications are still the missing piece for mass blockchain adoption,” commented Binance CFO Wei Zhou. “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.”
Zhou also added that the acquisition of the startup marks Binance’s entry into the crowded dApp ecosystem. DappReview is a strategic acquisition with the startup currently tracking the activity of at least 3,900 dApps built atop some of the leading smart contract platforms including Ethereum, EOS, and Tron.
Binance has a multitude of apps and interests focused on dominating the cryptocurrency field and the dApp field is a particularly exploding niched at the moment. Through its blockchain the Binance Chain, Binance has been working towards developing a dApp ecosystem similar to the popular dApp platforms. Now with this acquisition, the leading exchange is poised to have more tools at its disposal of analyzing the dApp market and having a better approach towards conquering the field.
“The mission of DappReview is to build a vibrant dApps ecosystem and boost mass adoption of blockchain,” Vincent Niu, Founder, and CEO of DappReview said in a statement. “Apart from dApps analytics services, we also provide full packages of support for dApps developers from fund-raising, product development to marketing and promotion. 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.”