Binance-Owned Coinmarketcap Buys Coinglass as Data Debate Grows

Coinmarketcap Adds Coinglass to Build Deeper Crypto Market Data

Coinmarketcap is expanding from terms tracking into the deeper plumbing of crypto marketplace structure.

The company’s statement connected Friday, Sept. 25, said that it has completed the acquisition of Coinglass, the derivatives information level wide utilized by traders to show unfastened interest, backing rates, liquidations, long-short positioning and options activity.

Financial presumption were not disclosed.

Coinglass covers 28 exchanges and much than 2,500 instruments, portion reportedly serving implicit 5 cardinal monthly users, with much than 10,000 API customers. Coinmarketcap says its ain level reaches astir 115 cardinal users each month.

That operation gives the purchaser entree to a overmuch broader presumption of however leverage is gathering crossed crypto markets.

Source: Coinmarketcap connected X

Coinglass Data Will Feed Into Coinmarketcap

The strategical logic is straightforward.

Coinmarketcap already dominates the retail-facing furniture of crypto marketplace data, including prices, rankings, and plus information. Coinglass adds the derivatives side, wherever overmuch of the market’s hazard is expressed.

“Derivatives are wherever astir of the market’s hazard is taken, and Coinglass is wherever astir radical spell to spot it,” Coinmarketcap CEO Rush said.

Coinmarketcap plans to integrate Coinglass information into its broader market-data offering, including unfastened interest, liquidations, backing rates and options metrics. For users, that could mean less jumps betwixt platforms to recognize some what moved and why.

Coinglass Says Its Product Will Stay Independent

Coinglass volition proceed operating nether its existing name. The institution said its website, mobile app, escaped tools, APIs, and pricing volition stay unchanged for now.

“Coinglass volition proceed to run arsenic an autarkic concern nether the Coinglass brand,” the institution said.

That reassurance matters due to the fact that Coinglass has built a chiseled pursuing among progressive traders who usage its heatmaps and derivatives dashboards arsenic portion of daily crypto marketplace analysis.

Binance Ownership Raises Data-Concentration Questions

The acquisition is attracting attraction due to the fact that Coinmarketcap itself was acquired by Binance successful 2020.

The transaction terms was ne'er officially disclosed, though reporting astatine the clip suggested the woody could person been worthy arsenic overmuch arsenic $400 million, with overmuch of the information reportedly structured successful equity and BNB.

That ownership nexus is present prompting concerns from immoderate crypto traders.

White Whale Labs questioned whether information from Coinglass would stay afloat trusted nether the broader Binance umbrella. Web3 pedagogue Katherine described the deal arsenic creating a much vertically integrated information stack, with spot prices, rankings, unfastened interest, backing rates, liquidations, and options progressively sitting wrong the aforesaid ecosystem.

Source: White Whale Labs connected X

Those concerns are astir cognition arsenic overmuch arsenic merchandise functionality.

Coinglass says thing is changing for users today. But strategically, the acquisition is significant: 1 of crypto’s most-used terms platforms present owns 1 of its most-used derivatives quality tools.

For traders, the effect could beryllium a much almighty information product. For the industry, it besides raises a bigger question astir however overmuch crypto marketplace accusation should beryllium nether 1 firm roof.