Crypto Consolidation - What Happened To Decentralisation?

If you're reading this then you're most likely no stranger to knowing who Binance is, this fork wouldn't be here if it wasn't for them helping out. We all know the drama so I won't go into it.

Binance is the biggest exchange in the world and that should be enough being the biggest centralised exchange in the crypto space. For all the talk of believing in decentralisation, this is just a power play and Binance aims to have a part of every part of the crypto space.

So the biggest news in the crypto space today is that Binance has purchased Coinmarket cap for $400 million. While we can see the issue with an exchange owning one of the biggest data aggregators in the space, it's not really my point here but the amount of consolidation happening.

Binance buys everything

Image source: - theblockcrypto.com

Binance buying spree

The purchase of CMC is not their first and for sure will not be the last, in the past year it's purchased 4 other crypto projects namely, Dapp Review, WazirX, JEX and Trust Wallet. As they continue to make sure they're part of any and everything in the space.

Binance owns tonnes of tokens

Remember the whole voting drama with customer funds, yes Binance holds a lot of customer funds but what it also holds is tokens of its own. Remember that their launch Pad to help IEOs get started? Well, they've got sizable positions in many of those tokens and in some cases have used their own power to pump and dump BNB for profit as they sell it to those wanting to get into the IEOS they launch.

You best believe any IEO on Binance is part-owned by Binance with the number of tokens they have on each project.

Binance besties

Then we get to JS, Mr Tron himself who is clearly a mini CZ. He's also been on his own buying spree with Steemit, dLive, BitTorrent and more. Remember Binance also owns a sizable bit of Tron too.

Buy-nance

Binance surely sticks to its name and is buying up everything it can get its hand son in the crypto space, it shows a distinct issue with decentralisation where companies can come in and throw fiat at competitors and blockchain space companies and consolidate large parts of the market.

Personally I don't think this is good for the industry and while they provide convenience for many people, I think its got to a point where the market needs to start regulating it by moving funds off exchanges and using other exchanges instead.

Binance clearly has far too much influence in the space and its aim to consolidate it just shows their intentions.