Rajarshi Mitra
Independent Analyst
- Bobby Ong, the CEO of CoinGecko, shed light on the recent $400 million acquisition of CoinMarketCap (CMC) by Binance.
- Ong believes that it’s going to be difficult for CMC to stay neutral and independent.
In a recent interview, the CEO of CoinGecko, Bobby Ong, shared his views about Binance’s acquisition of CoinMarketCap (CMC). The latter is one of the most-referenced crypto data websites. Ong noted that his company will “uphold data integrity” in the face of “many new exchanges… faking their volume.”
Speaking of the $400 million acquisition of its rival company, Ong said:
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.
On the one hand, CMC follows its own methods for data integrity. CoinGecko, on the other, uses the “Trust Score,” which helps clients understand if “the volume being reported is realistic.” CoinGecko also recently released a book on Decentralized Finance (DeFi).
Many crypto community members have been highly supportive of CMC’s acquisition. According to a Cointelegraph report, Eric Benz, the CEO of crypto exchange Changelly, said that he believes the deal will benefit both the parties.
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