CoinGecko’s CEO has doubts about CoinMarketCap neutrality

CoinGecko’s CEO has doubts about CoinMarketCap neutrality

  • Ali Raza
  • 7th April, 10:32
  • CoinGecko CEO, Bobby Ong, recently spoke of CoinMarketCap's new acquisition by Binance.
  • Ong said that the move will make CMC's future neutrality questionable.
  • CoinGecko received special instructions to maintain data integrity.

CoinMarketCap was the leading website for tracking crypto prices for years now. It lists all the active cryptocurrencies, providing data about their price movement, daily volume, market cap, rank, and more.

Recently, however, the website exchanged hands, and it currently acts as the new arrival to the Binance ecosystem. The exchange announced its acquisition barely a week ago. However, while it has only been a single week since the event, many have already criticized the move. Even when it comes to the prominent figures of the crypto industry.

CoinGecko CEO questions CMC’s data integrity

One example is Bobby Ong, the co-founder of CoinGecko, who currently acts as the firm’s CEO. Yesterday, April 6th, he spoke about the move in an interview with My Two Gwei. During the interview, he stated that “After this acquisition, I think it will be hard for CoinMarketCap to stay neutral and independent.”

As many likely know, CoinGecko is a rival company to CMC. Ong stressed that he instructed his firm to uphold data integrity even before this, as many exchanges tend to fake their data. Most exchanges that do this often fake trading volumes, to make themselves look busier.

Now, unlike CMC, which has its own methods for maintaining data integrity, CoinGecko uses the Trust Score. As such, it can guarantee to its users that the data they see on the site is authentic. With CMC no longer being neutral, he said that “we are now the largest, independent crypto data aggregator on the market.

Not everyone agrees with Bobby Ong

But, while many agree with Ong regarding CMC’s lack of neutrality, there are many who approve of the acquisition. One example is the CEO of the exchange Changelly, Eric Benz. Benz remains openly supportive of the acquisition. In fact, he stated that he remains confident that both parties will benefit from the deal.

Digital Assets Data’s co-founder and CEO, Mike Alfred, also shares this opinion. He noted that Binance is one of the most respected firms in the crypto ecosystem. As such, it is the best candidate for acquiring a website such as CMC.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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