Just one week after exchange Binance announced its acquisition of CoinMarketCap (CMC) — one of the most-referenced crypto data websites — some prominent figures in the crypto community are speaking out.
Bobby Ong, Co-founder and Chief Executive Officer (CEO) of CoinGecko, gave an interview to My Two Gwei on April 6. Among the topics discussed was the crypto data website’s $400 million acquisition and the role it may play in the future.
Ong highlighted his company to “uphold data integrity” in the face of “many new exchanges… faking their volume.” One of the targets of the CEO during his interview was CMC, a rival company of CoinGecko:
“After this acquisition, I think it will be hard for CoinMarketCap to stay neutral and independent so we are now the largest, independent crypto data aggregator on the market.”
While CMC has its own methods for data integrity, CoinGecko uses the “Trust Score” to give clients a better understanding if “the volume being reported is realistic.” The crypto data website recently released a book on Decentralized Finance (DeFi), which is certainly trendy in the cryptocurrency world right now.
Many in crypto community approve of CMC acquisition
While CMC may have some detractors, others in the crypto community have been largely supportive of Binance acquiring the data website.
Speaking to CryptoNewspeople, Eric Benz, CEO of crypto exchange Changelly, said he is confident that this deal will benefit both parties, and the timing couldn’t have been better. A similar outlook is shared by Mike Alfred, the CEO and Co-founder of fintech firm Digital Assets Data, who said Binance is among the strongest and most respected companies currently operating within the crypto ecosystem.