CoinMarketCap Buys Crypto Derivatives Platform CoinGlass

CoinMarketCap has acquired crypto derivatives analytics platform CoinGlass for an undisclosed sum, broadening its data coverage to include more information on leveraged trading across major cryptocurrency exchanges.

CoinMarketCap announced the acquisition on Friday, confirming that CoinGlass will continue to operate under its existing brand and retain its current team. The platform’s website, mobile app, free tools, API and pricing structure will also remain unchanged.

CoinMarketCap expands into derivatives data

CoinGlass provides data covering key areas of the crypto derivatives market, including open interest, funding rates, liquidations and options activity. According to the announcement, the platform currently tracks more than 2,500 instruments across 28 exchanges.

The acquisition will allow CoinMarketCap users to access derivatives positioning data alongside its existing cryptocurrency price information. This includes insights into where market liquidations are concentrated and how funding rates are changing across exchanges.

CoinGlass to continue operating independently

Despite the acquisition, CoinGlass will retain its existing identity and services, allowing users to continue accessing its products without changes to its current offering or pricing. CoinMarketCap itself was acquired by crypto exchange Binance in April 2020. At the time of that acquisition, Binance said CoinMarketCap would continue operating independently and that the exchange would have no influence over the platform’s cryptocurrency rankings.

Sources:

https://coinmarketcap.com/academy/article/coinmarketcap-acquires-coinglass-bringing-crypto-derivatives-data-to-the-worlds-most-referenced-crypto-price-tracker

https://cointelegraph.com/news/coinmarketcap-coinglass-expand-crypto-derivatives-data

https://www.binance.com/en/blog/all/421499824684900494