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The Block: cryptocurrency exchanges lead the way in terms of acquisitions

The Block: cryptocurrency exchanges lead the way in terms of acquisitions

According to a study conducted by the Block, 129 mergers and acquisitions have been conducted in the blockchain industry since 2013. The total value of such transactions was $2.9 billion.

The report, presented by analyst John Dantoni, notes that cryptocurrency exchanges are the most active buyers of other companies. So, since 2013, the Coinbase exchange has completed 16 takeover deals, and the Binance and Kraken platforms have each completed 10 deals.

At the same time, 9 out of 12 blockchain companies made 2 transactions each. The startup Consensys bought only 4 companies during this period, and Ripple made 3 acquisitions.

Most often, takeover deals were carried out by exchanges and companies working in the field of trading. Companies working in the field of Bank payments and Analytics were also popular.

Recall that one of the most high-profile mergers and acquisitions was the purchase of the cryptocurrency exchange Binance of the market tracking service CoinMarketCap. Soon after, the service updated the ranking system of exchanges to reduce the impact of falsified trading volumes on positions in the rating, which put the Binance exchange in first place.