CoinMarketCap has made its first acquisition ever. The Queens, New York company has purchased Hashtag Capital, a startup that specializes in developing algorithms to improve the accuracy of CoinMarketCap data.
According to the official press release, Hashtag Capital already has a range of algorithms with which the rates of cryptocurrencies can be approached even better. The team behind the startup will join CoinMarketCap and continue to work on the aforementioned algorithms.
The CEO of CoinMarketCap, Brandon Chez, said the following:
We look forward to pushing back the boundaries when it comes to displayed cryptocurrency rates on CoinMarketCap and thus to exceed our traditional volume-weighted, average prices with advanced algorithms and analysis. The Hashtag Capital team will be able to make a significant contribution to our efforts and be the driver for a new phase for CoinMarketCap in providing data products to the market.
The official press release states the following:
It has always been in our philosophy to provide as much visibility and breadth in our coverage of the crypto market, instead of selecting some exchanges and ignoring other relevant points of liquidity. We believe that this view will continue to drive greater accuracy in the data, as inclusion of all sources of data will create an exhaustive view of global liquidity.
In May of this year, CoinMarketCap also formed the Data Accountability and Transparency Alliance (DATA) to which Binance, Bittrex, Huobi, OKEx, IDEX, UpBit, OceanEX, KuCoin, HitBTC, Gate.io and Bitfinex also joined. DATA should ensure increased transparency, responsibility and more explanation of cryptocurrency projects. With the acquisition of Hashtag Capital, CoinMarketCap will be able to do even more for DATA.