07 Apr 2020 Josphat Kariuki
Is Coinmarketcap Going To Stay Neutral After Being Acquired By Binance?
Despite the ongoing COVID-19 virus outbreak, the world of crypto mergers and acquisitions (M&A) saw one of its biggest hits. In essence, Binance announced a 400 million dollar M&A deal with the leader of crypto data derivation CoinMarketCap.
Just days after the acquisition, the crypto sector reacted in a very diverse manner. Some crypto experts consider the recent acquisition as “hard for CoinMarketCap to remain neutral, with the latest moves by Binance.”
CoinGecko’s CEO Bobby Ong discussed the recent M&A deal on crypto blog MyTwoGwei. Ong stated that “such a large deal would impact the data integrity of CoinMarketCap. Furthermore, many new exchanges are faking their trading volumes to get ahead of the competition”.
CoinMarketCap had issues with data correctness, as Bitwise Asset Management reported at least 95% of the trading volumes, reported by crypto exchanges, are fake.
Both CoinMarketCap and CoinGecko developed data integrity tools to provide “realistic” trading volumes data, but now Ong claims his company remains the most significant “independent data aggregator.” CoinGecko even published a book covering the DeFi sector.
However, the broader crypto community welcomes the merge, as Changelly’s CEO Eric Benz stated that the timing is ideal for such a deal. Benz was joined by Mike Alfred, co-founder, and CEO of Digital Assets Data. Alfred commented that Binance sits among the top crypto companies in the world.
Despite Ong claiming his website as the top data aggregation software, his opinion is questionable, as platforms like Cryptobrowser.io combine API data aggregation for 1000+ cryptocurrencies with daily news and market recaps. Cryptobrowser.io also grants users with access to various ICO/STO/IEO data, exchanges data, as well as access to a list of the world’s most prominent crypto funds.Cryptocurrency Binance Crypto Market Exchanges News crypto crypto market monitoring Binance Exchange trading exchange crypto news crypto news today coinmarketcap Exchanges