CoinMarketCap Acquires A Startup To Produce More Accurate Results

The most popular cryptocurrency data website, CoinMarketCap, has decided to make an acquisition and snap up a firm that is building technology which is known for providing “a true price” for cryptocurrencies. The news that CoinMarketCap acquires a startup specialized in better technology are everywhere in the latest cryptocurrency news section.

CoinMarketCap bought Hashtag Capital, a startup which is developing algorithms that “analyze all points of available liquidity” and therefore more accurately reflect an asset. Hashtag had been an absolute returns crypto trading fund and started working on ways to create better quality markets data as part of its fund management.

The latest altcoin news show that CoinMarketCap acquires Hashtag in order to create better quality markets data as part of its fund management. This is what drove the analysts at CoinMarketCap and attracted them to the startup, the release shows. As per their agreement, the Hashtag team will be joining CoinMarketCap once the acquisition is complete.

As many best cryptocurrency news sites reported before this, CoinMarketCap has launched a transparency initiative with a number of crypto exchanges on May 1. This effort saw the firms forming a new group dubbed the Data Accountability & Transparency Alliance (DATA) in order to discuss ways to tackle concerns over cryptocurrency data reporting.

At the same time, CoinMarketCap mandated that all of the exchanges listed on its platform must provide live trading and orderbook data – or be removed from the platform and its adjusted volume calculations. While CoinMarketCap acquires Hashtag Capital, we can see a report from Bitwise Asset Management showing that 95% of all reported Bitcoin trading volume is faked and that the true spot market for BTC essentially exists on 10 different exchanges.

Brandon Chez, who is the CEO and founder of CoinMarketCap, commented following the news that CoinMarketCap acquires Hashtag Capital, stating:

“We are excited to push the envelope on cryptocurrency pricing at CoinMarketCap, going beyond our traditional volume-weighted average prices to even more sophisticated price algorithms and analyses. The Hashtag Capital team will be able to add significantly to our data efforts, and drive the next phase of CoinMarketCap in providing data products to the market.”

The leading crypto data provider also made changes to its executive team, promoting Carylyne Chain from global head of marketing to chief strategy officer – and Emily Hurd from head of business development to chief revenue officer.