Known as the world’s largest cryptocurrency exchange with countless negotiations and deals at any given time, every single Binance decision leaves a huge impact on the market and also attracts a huge amount of public interest. This time, the topic of discussion among the crypto community is definitely for Binance’s recent CoinMarketCap acquisition.
Binance CEO Changpeng Zhao has repeatedly stated that nothing will be changed in Coinmarketcap’s working process: “We want CoinMarketCap to continue being the most authoritative source of information and data in the industry”, the controversial reactions around the deal never seem to cool down.
Yet, amongst the chaos, skepticism has emerged, coming from CoinGecko CEO Bobby Ong:
“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”, said Bobby Ong in an inteview with My Two Gwei on April 6.
While CoinMarketCap has its own methods to ensure data integrity, CoinGecko has another method called a “Trust Score” to combat fake volumes in the crypto industry. Not only known as a fundamental analysis provider, CoinGecko has also enhanced the tech community’s belief with the recent publication of “How to DeFi”, the very first book providing an introduction into the decentralized finance world.
It is inevitable for conflicts to happen when two similar companies compete in the same space and share the same vision. However, it would be very interesting to see what will happen next as competitors always perform their best when they are contending for market dominance. This is an apparent benefit for all consumers to enjoy!