Cryptocurrency exchange Binance has acquired Beijing-based blockchain data startup DappReview, which tracks nearly 4,000 decentralized applications (dapps) built on over 10 public blockchains, including Ethereum and Tron.
The two firms did not disclose the price of the acquisition, according to an announcement Tuesday. Viktor Radchenko, founder of Binance’s Trust Wallet, told CoinDesk that the acquisition will help the exchange further develop its existing dapps and create new blockchain use cases.
“In the near future, Trust Wallet will integrate DappReview APIs [application programming interfaces] to provide easy access to explore new dapps and crypto games, as well as more insight into DeFi [decentralized finance] services, analytics and usage,” said Radchenko.
The acquisition means Binance will now have a wholly-owned unit based in China. The exchange recently denied having offices in Shanghai, as well as declined rumors that a Beijing office was upcoming.
Founded last year, DappReview is a well-funded startup, having raised “millions of yuan” in a Series A round in June. “Next step, DappReview will expand its footprint on the global market, on which Binance will provide all needed support in terms of marketing and branding,” Niu told CoinDesk.
The acquisition took “about 2 to 3 months to finalize,” Niu told Chinese news outlet Block Beats, adding that DappReview will continue to operate as an independent brand. “After the completion of the acquisition, DappReview’s original business will continue to be cultivated, and the entire management team will remain unchanged,” he said.
Overall, DappReview plans to boost blockchain adoption with the acquisition. “The DApp penetration rate of currency holders is only about 2%… Expansion is not easy. The addition of Binance can expose DApps to more users holding coins,