Binance has acquired DappReview, an evaluation platform that offers data-driven research and advertising services to blockchain-based decentralized applications (dapps).
The acquisition of Beijing-based DappReview will help the world's leading exchange by volume to further develop its existing dapps and create new blockchain use cases, said Viktor Radchenko, founder at Binance's Trust Wallet.
"In the near future, Trust Wallet will integrate DappReview APIs to provide easy access to explore new dapps and crypto games, as well as more insight into DeFi [decentralized finance] services, analytics and usage," Radchenko said in an interview.
In return, Binance will offer support for DappReview in non-technical fields, including marketing and business development while the platform maintains its independence in technical development and operations, according to a statement from Binance.
"By working with Binance X [the company's developer network] and Launchpad, DappReview will bring in more talented Dapp developers and assist promising Dapp projects on fund-raising," Vincent Niu, founder of DappReview, said of the deal. "A lot more exciting synergies with Trust Wallet, Binance Research, etc."
"DappReview will partner with the public chains and protocols in the Dapp space through Binance's ecosystem," Niu said.
The dapp platform will release a new suite of products in the first quarter of 2020, according to the statement. Niu declined to revel what the new products will be, but said it is an analytical tool.
The acquisition also means Binance will now have a wholly-owned subsidiary based in Beijing. In recent weeks, the exchange vociferously denied reports that it has closed an office in Shanghai and has tamped down rumors that a Beijing office was forthcoming.
Binance declined to disclose the financial terms of the deal or the actual entity that made the acquisition.
Building the bridge
According to an announcement on June 10 from NEO Global Capital, DappReview raised a Series A round worth millions of yuan from the firm.
Founded in March 2018 by Niu, a former BlackRock risk and quant analyst, the platform provides data-based research services on more than 3,900 dapps, such as wallets and exchanges, on 13 public blockchains, including EOS, ethereum and TRON.
"DappReview is building the bridge between protocols with developers and users," Niu said.
DappReview also has its own influencer media account on WeChat, the Chinese equivalent of Facebook, where it provides reports in Chinese on the latest dapps.
“DappReview has been a staple for the blockchain gaming space since the beginning,” Benny Giang, founding member of CryptoKitties creator Dapper Labs, said in the statement. “They have been instrumental in connecting the Chinese community with the Western community.”
With its data analytics and media account, the platform also offers marketing and advertising services to companies in the space, according to its website.
"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 said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.