Difference between revisions of "CoinMarketCap"

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On May 1, 2019, CoinMarketCap announced the formation of the Data Accountability & Transparency Alliance (DATA), uniting leading exchanges to enhance data reporting. To participate in DATA exchanges must provide live trading and orderbook data to CoinMarketCap. [[Binance]], [[Bittrex]], [[OKEx]] and [[Bitfinex]] are among the twelve inaugural members. CoinMarketCap also announced that it was launching its own block explorers for bitcoin and [[Ethereum]].<ref>{{cite web|url=https://cryptobriefing.com/coinmarketcap-launches-data-alliance/|name=CoinMarketCap Launches New Body To Promote Transparency|org=Crypto Briefing|date=May 1, 2019}}</ref>
 
On May 1, 2019, CoinMarketCap announced the formation of the Data Accountability & Transparency Alliance (DATA), uniting leading exchanges to enhance data reporting. To participate in DATA exchanges must provide live trading and orderbook data to CoinMarketCap. [[Binance]], [[Bittrex]], [[OKEx]] and [[Bitfinex]] are among the twelve inaugural members. CoinMarketCap also announced that it was launching its own block explorers for bitcoin and [[Ethereum]].<ref>{{cite web|url=https://cryptobriefing.com/coinmarketcap-launches-data-alliance/|name=CoinMarketCap Launches New Body To Promote Transparency|org=Crypto Briefing|date=May 1, 2019}}</ref>
  
In October 2019, the company announced that its reclusive CEO, Chez, would appear onstage at the company's The Capital conference on November 12-13, 2019. CoinMarketCap's Carylyne Chan said in the announcement that "it will be electrifying, exciting and entertaining to be there in person." [[Binance]]'s [[Changpeng Zhao]] was also scheduled to speak at The Capital.<ref>{{cite web|url=https://blog.coinmarketcap.com/2019/07/19/coinmarketcaps-founder-conference-appearance/|name=CoinMarketCap’s enigmatic founder to make his first public appearance|org=CoinMarketCap Blog|date=October 17, 2019}}</ref><ref>{{cite web|url=https://conference.coinmarketcap.com/|name=Speakers|org=CoinMarketCap|date=October 17, 2019}}</ref> Chez seemed to appear on stage in Singapore at the conference. Both his appearance and voice were masked.<ref>{{cite web|url=https://www.youtube.com/watch?v=ejgI4g1HfXM&list=PLCnT-5tXQ-ht2FXJk8CckRzz57Ac6qv7L&index=2&t=0s|name=The Capital '19: Anonymous Fireside Chat with Sunny King, Creator of PoS Consensus Mechanism|org=YouTube|date=March 31, 2020}}</ref>
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In October 2019, the company announced that its reclusive CEO, Chez, would appear onstage at the company's The Capital conference on November 12-13, 2019. CoinMarketCap's Carylyne Chan said in the announcement that "it will be electrifying, exciting and entertaining to be there in person." [[Binance]]'s [[Changpeng Zhao]] was also spoke at The Capital.<ref>{{cite web|url=https://blog.coinmarketcap.com/2019/07/19/coinmarketcaps-founder-conference-appearance/|name=CoinMarketCap’s enigmatic founder to make his first public appearance|org=CoinMarketCap Blog|date=October 17, 2019}}</ref><ref>{{cite web|url=https://conference.coinmarketcap.com/|name=Speakers|org=CoinMarketCap|date=October 17, 2019}}</ref> Chez seemed to appear on stage in Singapore at the conference. Both his appearance and voice were masked.<ref>{{cite web|url=https://www.youtube.com/watch?v=ejgI4g1HfXM&list=PLCnT-5tXQ-ht2FXJk8CckRzz57Ac6qv7L&index=2&t=0s|name=The Capital '19: Anonymous Fireside Chat with Sunny King, Creator of PoS Consensus Mechanism|org=YouTube|date=March 31, 2020}}</ref>
  
Binance announced on April 2, 2020 that it had completed the purchase of CoinMarketCap, the largest online cryptocurrency data aggregator in the world, for an undisclosed sum.<ref>{{cite web|url=https://www.binance.com/en/blog/421499824684900494/Binance-x-CoinMarketCap-Joining-Forces-to-Make-Crypto-More-Accessible-Worldwide|name=Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide|org=Binance|date=April 2, 2020}}</ref> The rationale might have been that CoinMarketCap enjoys almost twice as much website traffic as Binance, according to observers.<ref>{{cite web|url=https://www.theblockcrypto.com/post/60371/binance-is-set-to-acquire-coinmarketcap-the-deal-could-be-worth-as-much-as-400-million|name=Binance is set to acquire CoinMarketCap, the deal could be worth as much as $400 million|org=The Block Crypto|date=March 31, 2020}}</ref>  
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Binance, one of the largest cryptocurrency trading platforms in the world, announced on April 2, 2020 that it had completed the purchase of CoinMarketCap, the largest online cryptocurrency data aggregator in the world, for an undisclosed sum. Chez stepped down as CEO, continuing to serve as an advisor. Chief Strategy Officer, Carylyne Chan, was named to serve as interim CEO. <ref>{{cite web|url=https://www.binance.com/en/blog/421499824684900494/Binance-x-CoinMarketCap-Joining-Forces-to-Make-Crypto-More-Accessible-Worldwide|name=Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide|org=Binance|date=April 2, 2020}}</ref>  
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Though rumored to be worth up to $400 million, financial details of the transaction were not disclosed by Binance. The rationale might have been that CoinMarketCap enjoys almost twice as much website traffic as Binance, according to observers.<ref>{{cite web|url=https://www.theblockcrypto.com/post/60371/binance-is-set-to-acquire-coinmarketcap-the-deal-could-be-worth-as-much-as-400-million|name=Binance is set to acquire CoinMarketCap, the deal could be worth as much as $400 million|org=The Block Crypto|date=March 31, 2020}}</ref> Binance's statement on the acquisition did not discuss plans for the company and instead focused on plans to maintain CoinMarketCap's operational independence. "The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency and user-focus," according to Binance.<ref>{{cite web|url=https://www.binance.com/en/blog/421499824684900494/Binance-x-CoinMarketCap-Joining-Forces-to-Make-Crypto-More-Accessible-Worldwide|name=Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide|org=Binance|date=April 2, 2020}}</ref> 
  
 
Critics of the deal questioned the obvious conflicts of interest of a trading platform owning the data aggregator which includes the platforms data.<ref>{{cite web|url=https://www.forbes.com/sites/billybambrough/2020/03/31/bitcoin-and-crypto-world-rocked-by-massive-400-million-binance-bid-for-coinmarketcap-report/#4195b5ea247f|name=Bitcoin And Crypto World Rocked By An Estimated $400 Million Binance Bid For CoinMarketCap—Report|org=Forbes|date=March 31, 2020.}}</ref> According to Binance's statement about the acquisition, "... CoinMarketCap has maintained independence from external stakeholders since its inception, and it will continue to be run as an independent business entity. While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations."<ref>{{cite web|url=https://www.binance.com/en/blog/421499824684900494/Binance-x-CoinMarketCap-Joining-Forces-to-Make-Crypto-More-Accessible-Worldwide|name=Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide|org=Binance|date=April 2, 2020}}</ref>  
 
Critics of the deal questioned the obvious conflicts of interest of a trading platform owning the data aggregator which includes the platforms data.<ref>{{cite web|url=https://www.forbes.com/sites/billybambrough/2020/03/31/bitcoin-and-crypto-world-rocked-by-massive-400-million-binance-bid-for-coinmarketcap-report/#4195b5ea247f|name=Bitcoin And Crypto World Rocked By An Estimated $400 Million Binance Bid For CoinMarketCap—Report|org=Forbes|date=March 31, 2020.}}</ref> According to Binance's statement about the acquisition, "... CoinMarketCap has maintained independence from external stakeholders since its inception, and it will continue to be run as an independent business entity. While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations."<ref>{{cite web|url=https://www.binance.com/en/blog/421499824684900494/Binance-x-CoinMarketCap-Joining-Forces-to-Make-Crypto-More-Accessible-Worldwide|name=Binance x CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide|org=Binance|date=April 2, 2020}}</ref>  

Revision as of 08:52, 3 April 2020

CoinMarketCap
Coinmarketcap logo.png
Founded 2013
Key People Brandon Chez, Founder; Mauvis Ledford, CTO; Carylyne Chan, Chief Strategy Officer
Products Data aggregator ad distributor
Twitter @CoinMarketCap
LinkedIn Profile
Facebook CoinMarketCap
Website CoinMarketCap Homepage
Blog CoinMarketCap Blog

CoinMarketCap is a web service that provides online cryptocurrency market data.

History

CoinMarketCap was founded in 2013 by Brandon Chez, a computer programmer and early bitcoin adopter. In 2018, the Wall Street Journal attempted to reveal his identity by tracing his work computer to his apartment in Long Island, New York, after Chez removed price details from a number of South Korean sites suspected of listing inaccurate information, causing a price crash for numerous digital assets, including XRP. The attempt was unsuccessful. Chez told the Wall Street Journal in an email exchange that he didn't "realize how big of an impact" this would have on the market, but that he thought "the market was already on a downturn at that point so the timing was quite unfortunate."[1][2][3]

The integrity of CoinMarketCap's data reporting was excoriated in a widely publicized March 19, 2019, presentation to the U.S. Securities and Exchange Commission by Bitwise, an asset management firm with a pending application to the SEC for a bitcoin ETF. Bitwise alleged that only ten exchanges of the hundreds currently reported by CoinMarketCap provided credible data for bitcoin.[4]

On May 1, 2019, CoinMarketCap announced the formation of the Data Accountability & Transparency Alliance (DATA), uniting leading exchanges to enhance data reporting. To participate in DATA exchanges must provide live trading and orderbook data to CoinMarketCap. Binance, Bittrex, OKEx and Bitfinex are among the twelve inaugural members. CoinMarketCap also announced that it was launching its own block explorers for bitcoin and Ethereum.[5]

In October 2019, the company announced that its reclusive CEO, Chez, would appear onstage at the company's The Capital conference on November 12-13, 2019. CoinMarketCap's Carylyne Chan said in the announcement that "it will be electrifying, exciting and entertaining to be there in person." Binance's Changpeng Zhao was also spoke at The Capital.[6][7] Chez seemed to appear on stage in Singapore at the conference. Both his appearance and voice were masked.[8]

Binance, one of the largest cryptocurrency trading platforms in the world, announced on April 2, 2020 that it had completed the purchase of CoinMarketCap, the largest online cryptocurrency data aggregator in the world, for an undisclosed sum. Chez stepped down as CEO, continuing to serve as an advisor. Chief Strategy Officer, Carylyne Chan, was named to serve as interim CEO. [9]

Though rumored to be worth up to $400 million, financial details of the transaction were not disclosed by Binance. The rationale might have been that CoinMarketCap enjoys almost twice as much website traffic as Binance, according to observers.[10] Binance's statement on the acquisition did not discuss plans for the company and instead focused on plans to maintain CoinMarketCap's operational independence. "The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency and user-focus," according to Binance.[11]

Critics of the deal questioned the obvious conflicts of interest of a trading platform owning the data aggregator which includes the platforms data.[12] According to Binance's statement about the acquisition, "... CoinMarketCap has maintained independence from external stakeholders since its inception, and it will continue to be run as an independent business entity. While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations."[13]

Products and Services

CoinMarketCap is a cryptocurrency industry utility that reports recently-traded prices for hundreds of cryptocurrencies traded on hundreds of platforms around the world. For each currency it reports the total value of the outstanding currency (the "market capitalization"), its total trading volume and its rank by trading volume over the past month and the past 24 hours.[14]

Interest Rates

In October 2019, CoinMarketCap launched a new page on its site displaying interest rates offered on several cryptocurrencies, allowing customers to compare annualized interest rates, minimum duration before realizing returns, and other information between several lending platforms. The featured platforms include Binance, BlockFi, Crypto.com, Bitfinex, and the Celsius Network. The page also has a tab indicating whether each platform is a decentralized, or "DEX" exchange.[15][16]

Key People

  • Brandon Chez - Founder
  • Mauvis Ledford - CTO
  • Carylyne Chan - Chief Strategy Officer

References