Major cryptocurrency exchange Binance acquired decentralized app (DApp) information startup DappReview, according to a press release on Dec. 2.
Per the release, DappReview’s platform provides its visitors with data analytics, user insights and information for over 3,900 DApps on 13 public blockchains.
DappReview founder Vincent Niu explained that the company also provides support for DApp developers in fundraising, product development and marketing. When asked by Cointelegraph whether he believes the acquisition by a crypto company could damage the platform’s independence, he said:
“DappReview provides accurate data analysis, users insight and market trends by aggregating the on-chain data, which is transparent to everyone. So our reports and views will not be affected by who we are. The data talks.”
Per the release, DappReview will maintain its independence in technical development and operations as well, while Binance will offer support in non-technical fields such as marketing and business development.
Niu also explained that the acquisition will provide his company with the resources to grow faster and that the firm’s next objective is to land more DApp data-integration partnerships with blockchain protocols and developers. He did not disclose the price of the acquisition.
While many hope that DApps will drive blockchain technology’s mass adoption, the market has not yet seen a decentralized application to reach mainstream use. As Cointelegraph reported at the beginning of October, a new study has shown that DApp transaction volumes and user activity slumped in the third quarter of 2019.
Binance scoops up blockchain firms
Binance has made a number of acquisitions in the blockchain and crypto space in recent months. In September, the exchange acquired JEX — a crypto-asset trading platform that offers spot and derivatives trading services — while just a few weeks ago it bought the well-known Indian crypto exchange WazirX.
The major exchange made its first public acquisition last year when it bought Trust Wallet with a reported mixture of fiat money, Binance stocks, and its native cryptocurrency Binance Coin (BNB).