CoinMarketCap announces acquisition of cryptocurrency fund company Hashtag Capital
CoinMarketCap, the leading source of cryptocurrency market prices and data, announced on June 26 its first-ever acquisition plan, aiming to enhance data accuracy and provide users with data that is closer to reality.
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The U.S.-based company announced the acquisition of the cryptocurrency trading fund Hashtag Capital to expand its Data Accountability & Transparency Alliance (DATA) project, which was launched in May 2019 to enhance transparency in the cryptocurrency field.
According to reports, after the acquisition, the Hashtag Capital team will join CoinMarketCap to optimize the algorithms for the over 2,000 cryptocurrencies on the platform and develop new data products.
Brandon Chez, CEO and founder of CoinMarketCap, stated:
We are excited to enhance the cryptocurrency data on CoinMarketCap, evolving from the traditional Volume-weighted Average Price (VWAP) to more sophisticated price analysis and algorithms. The Hashtag Capital team will make significant contributions to our data, providing the market with advanced data products.
CoinMarketCap also mentioned in the announcement:
Our philosophy has always been to provide more visibility and broader perspectives in the crypto market, rather than cherry-picking exchanges and ignoring other relevant liquidity. We believe this approach will continue to enhance data accuracy, and integrating all data sources will provide a comprehensive view of global liquidity.
It is worth noting that in March this year, the authenticity of CoinMarketCap's data sparked controversy. According to a report by Bitwise Asset Management on March 22, the company claimed that 95% of the trading volume on unregulated exchanges was suspected of being falsified. The report cited data from CoinMarketCap, stating that it contained a large amount of suspicious data, thus giving a false impression of the true scale of the Bitcoin market.
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