Coinmarketcap acquisition
It not only Binance and CoinMarketCap who are popping the corks off but crypto proponents like Tommy Mustache also seem quite excited. Today, the largest crypto exchange, Binance, announced its acquisition of the most popular crypto data aggregation platform, CoinMarketCap CMC. Acquisition cheers. Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. Business 1 September Patrick Thompson.
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Content:
- Binance Acquisition of CoinMarketCap for $400 Million Criticized, Hard Questions Asked
- Goldman-backed startup Circle buys major crypto exchange Poloniex
- The CoinMarketCap Business Model – How Does CoinMarketCap Make Money?
- Crypto Exchange Binance Reportedly Set To Acquire CoinMarketCap For $400 Million
- Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide
- About CoinMarketCap
- CoinMarketCap Acquisition by Binance: Centralization in Action
- Binance Buys Popular Crypto Data Site CoinMarketCap, Its Biggest Acquisition to Date
Binance Acquisition of CoinMarketCap for $400 Million Criticized, Hard Questions Asked
Last week, I spoke with the cofounder of one of the largest cryptocurrency data aggregators, CoinGecko. The company has been operating since , which is quite a long period for the field. This means I had the chance to dive deeper into the early days of the blockchain industry. Today: Hi Bobby, thank you for taking the time out for this interview!
The last few weeks have been crazy for the crypto market. Bobby Ong: I think we are currently on a big bull run, and will be a very interesting year as more institutions start to take notice and play an active role in the development of cryptocurrencies.
Today: CoinGecko is a dinosaur of the crypto space; I mean this in a good sense. The site is more than six years old, right?
What are some of the most memorable experiences in these six years? What about the toughest moments? We started CoinGecko because we saw the huge potential in cryptocurrencies and knew that it will be mainstream one day. We wanted to play an active role in the development of this industry and feel that we have the skills needed to grow this industry. Bobby Ong. Image provided by CoinGecko.
Initially, CoinGecko was just a side project for both of us as the industry was really small back then. The bear market of and was especially tough since many people lost faith and left the industry. Many crypto companies struggled and shut down operations as it was very hard to make any money.
We were quite close to giving up as well. The most memorable experience for us was seeing the crypto community accept CoinGecko as the preferred data aggregator of choice this year and quoting the metrics that we have on the website, such as price, market cap, fully diluted valuation and so on.
It shows that the industry appreciates the work that we do and is using CoinGecko as an important data point in decision-making. Bobby Ong: Back in when we started, crypto was a very serious industry without many fun memes. We wanted a way to show that crypto companies can be fun while still doing a good job. We thought that a cute mascot would be a good way to represent our company to impart this fun element into it.
We searched for a suitable mascot and eventually settled on a gecko. What are your thoughts on the acquisition? Did you start to gain more traffic after that happened? The crypto community viewed this acquisition very negatively as crypto data aggregators are supposed to be independent. With the acquisition, CoinMarketCap is no longer an independent entity.
Today: Has this event the Binance acquisition changed anything on the market? The platform has been taken over to become another place for Binance to promote its services. Immediately after the acquisition, Binance was ranked as the best exchange, and BNB was even listed as the top DeFi token despite the fact that BNB is clearly an exchange token.
The crypto community does not appreciate this bias and started searching for alternatives. Most people in crypto use CoinGecko these days because we are an independent, impartial and reliable source of data. The team. Today: How do you rank exchanges? Are your algorithms different from other ranking sites? Bobby Ong: CoinGecko is the first crypto data aggregator to provide a solution to the rampant wash trading and fake volume issue on centralized exchanges.
We introduced Trust Score in May and, instead of ranking exchanges only by trading volume, we now look at multiple data points to give a more comprehensive overview of exchanges. Using Trust Score, users on CoinGecko now have a better experience navigating the website, as higher-quality exchanges are sorted at the top rather than exchanges with massive wash trading.
Bobby Ong: Decentralized exchanges have grown significantly over the past year, and I am relatively surprised that its volume can now match centralized exchanges. Ask me one year ago and I would say that it would be hard to imagine that Uniswap would be doing as much volume as Coinbase this year. AMM-based DEXes are an innovation as they have provided a way for price to be discovered for low-liquidity tokens.
This allows for a market for these tokens to be easily bootstrapped and is a net gain for the crypto market. Today: Do you have a crypto portfolio? Which coins do you keep there? Today: What about your future plans? What should we expect from CoinGecko in the future? Bobby Ong: Here at CoinGecko, we foresee a future where anything that can be tokenized, will be tokenized. As a result, there will be millions of tokens in the future. We are building the foundation and infrastructure needed to serve this future.
Crypto will continue to grow and continue to innovate with many different products being created. You can be sure that we will be following these developments and tracking these new data points in the future! Today: Bobby, thank you for your time.
It was a pleasure to speak with you. Rimma has been working in crypto media for more than 5 years. Her previous experience includes the head of social media at Cointelegraph. Her area of greatest interest is the influence of opinion leaders in crypto, the latest blockchain developments, crypto adoption and how all of this affects our daily lives. Rimma can be contacted at rimma u.
Original U. Rimma Trukhina U. Cryptocurrency influencer. About the author. Rimma Trukhina. Alex Dovbnya. Denys Serhiichuk. Vladislav Sopov.
Goldman-backed startup Circle buys major crypto exchange Poloniex
Investigation of criminal, financial, illegal, unlawful actions of the management of the toxic Binance cryptocurrency exchange: deception of traders, manipulation on the stock exchange, listings, problems of the exchange, money laundering, complaints to international regulatory authorities and law enforcement agencies on the fact of fraudulent actions of the Binance cryptocurrency exchange. The "dark legal side" of cooperation with Binance — data on the affiliates of the Binance website. Chronology of fighting the fraud of Binance Aims, tasks and assistance to the project International petition. Active position: What to do? Class action suit against Binance. Binance manipulates the crypto market via the purchased CoinMarketCap In the beginning of , the illegal cryptocurrency exchange Binance confirmed the purchase of the market-leading analytical service CoinMarketCap.
The CoinMarketCap Business Model – How Does CoinMarketCap Make Money?
The crypto community was caught off-guard by the big crypto news , with many left wondering what exactly happened. Binance, one of the largest crypto exchanges, has dominated the space for the past several years, and now it will take control over the most referenced price-tracking source in the crypto industry. CoinMarketCap is also widely used for its exchange ranking metrics and often is the first source for beginners to cryptocurrency trading. He was enamored with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority. Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.
Crypto Exchange Binance Reportedly Set To Acquire CoinMarketCap For $400 Million
CoinMarketCap is the world's most-referenced price-tracking website for cryptoassets in the rapidly growing cryptocurrency space. Its mission is to make crypto discoverable and efficient globally by empowering retail users with unbiased, high quality and accurate information for drawing their own informed conclusions. Founded by Brandon Chez in May , CoinMarketCap has quickly grown to become the most trusted source by users, institutions, and media for comparing thousands of cryptoassets and is commonly cited by CNBC, Bloomberg, and other major news outlets. Even the U.
Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide
While global markets have been hit with panic facing some of the worst challenges since the financial crisis of , the crypto industry has solidified its power through one of the largest crypto mergers to date. During , Bitcoin fever was at its peak with Baby Boomers, Generation Xers, and even Millenials all swapping information on how to buy, sell, and hold every week. While things have calmed down a bit since then, Bitcoin is still the strongest performing asset of the past decade. Looking at an in-depth market analysis, we can see that even amid fears of worldwide government regulations and its possible impact on the trade the global demand continues to skyrocket. As CMC has been the benchmark for retail investors since its launch in for its extensive data and other metrics on cryptocurrency prices, volumes, and other significant metrics, the acquisition shocked the crypto community.
About CoinMarketCap
On April 2nd, both the companies announced that the leading crypto exchange has acquired the crypto data tracking site that recently launched a new Liquidity Metric, added derivative market data and new rating analytics. Chez said,. We are delighted that the Binance team has been unequivocal in ensuring that we can continue to adhere to our methodology without prejudice. In blockchain we explain the MarketCapFallacy. While Messari is a professional crypto data service with robust tools, CMC is a retail-focused company and Binance will add muscle to its data quality and help set exchange standards. Selkis said,. It was a great shitcoin business, but investors shat on them mercilessly. If anything brand value will rise.
CoinMarketCap Acquisition by Binance: Centralization in Action
Coin market cap is a website that is often referred to within the world for crypto. The purpose of coin market cap is to make crypto globally findable and efficient for private individuals retail users and to provide this target group with unbiased, high-quality and accurate information. The retail users can use this information to draw their own conclusions and make their decisions about how to deal with crypto.
Binance Buys Popular Crypto Data Site CoinMarketCap, Its Biggest Acquisition to Date
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ET on Tuesday as traders cheered on the coin's parent company's new acquisition, according to data from CoinMarketCap. On Monday, cryptocurrency broker Voyager Digital announced it would acquire crypto custody and payments platform Coinify. Voyager intends to bolster its international expansion through the acquisition of the Denmark-based platform. Day traders on Stocktwits praised the firm's decision and cheered on the Voyager Token's spike on Tuesday. Voyager is still in its infancy, paving the way in crypto expansion and payment processing ex Canada, Europe etc.. The token was the number 3 trending ticker on Stocktwits Tuesday morning.
Additionally, Swipe SXP assists businesses in issuing their own branded physical and virtual cards. In July , Binance acquired the majority of Swipe for an undisclosed amount. The acquisition was made to enable the two companies to partner in bringing together fiat and digital assets.
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