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Following Binance's acquisition, can CoinMarketCap stay neutral?

Following Binance's acquisition, can CoinMarketCap stay neutral?
  • Last week, the Binance exchange announced its acquisition of one of the most used cryptocurrency data websites in the industry, CoinMarketCap (CMC). 
  • Speaking on the matter, Bobby Ong gave an interview on the 6th of April where he discussed the $400 million a position and the role that it may play in the future of the industry.

Last week, the Binance exchange announced its acquisition of one of the most used cryptocurrency data websites in the industry, CoinMarketCap (CMC). Speaking on the matter, the chief executive officer and co-founder of CoinGecko, Bobby Ong gave an interview on the 6th of April where he discussed the $400 million a position and the role that it may play in the future of the industry.

The co-founder highlighted that his company upholds data integrity in the face of several new platforms faking their volume. One of the rivals of his company, CMC was one of the things that he spoke about as he said the following:

“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.”

The well-known data website has its own methods for information integrity however, Bobby's platform uses the trust score in order to give clients a better understanding of whether the volume that is being reported is a realistic volume.

It will be interesting to see how this plays out. For news on this, other crypto trackers and more crypto updates, keep it with CryptoDaily!

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