The well-known CoinMarketCap website, which aggregates data from most cryptocurrencies, has announced that it has acquired Hashtag Capital, a company that has developed algorithms that can calculate the true price of market capitalisation.
This acquisition is the result of many reports and complaints received from various bodies active in the cryptocurrency sector, which have repeatedly reported the data of CoinMarketCap as incorrect.
In an effort to improve the service offered, the acquisition will also help CoinMarketCap to create and further refine its algorithms to improve the supply of available data, as announced in May following the establishment of the Data Accountability & Transparency Alliance (DATA).
CoinMarketCap will be more accurate thanks to the acquisition of Hashtag Capital
Brandon Chez, CEO of CoinMarketCap, said he is proud to be able to push and evolve CMC beyond the classic service of aggregation of cryptocurrency prices and volumes.
“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.”
Hashtag Capital is a company that deals with multi-strategic trading on various crypto assets. Carylyne Chan, former marketing manager at Hashtag and now Chief Strategy Officer, said:
“We are really excited about the future progress at CoinMarketCap! With the new data efforts we will be launching, in addition to our DATA Alliance, we will be able to provide a truly comprehensive platform for our users and customers, and pave the way for continued industry-wide involvement in crypto data development.”
CoinMarketCap is constantly improving, trying to provide the real prices of the various cryptocurrencies while maximising accuracy. Recently, in fact, the company has forced all the exchanges on CMC to provide real-time data on prices and order books.
This proved to be an important step forward for CoinMarketCap, as, according to a previous Bitwise Asset Management report, 95% of all reported bitcoin trading volumes were fake.
The acquisition of Hashtag Capital by CMC could, therefore, pave the way for the platform, allowing it to improve its reliability and reach.