CoinMarketCap, the world’s most referenced price tracking platform for cryptocurrencies, has completed its acquisition of the crypto derivatives data platform CoinGlass.

 

While details of the deal have yet to be disclosed, the acquisition, according to CoinMarketCap, is aimed at providing its over 115 million monthly users with access to derivatives market data, including the positions of leveraged traders, the movement of liquidation clusters, and funding rates, alongside the prices they already track.

 

 

"Derivatives are where most of the market's risk is taken, and CoinGlass is where most people go to see it," said Rush, Chief Executive Officer of CoinMarketCap.

 

"CoinGlass built the most trusted view of positioning in crypto by doing one thing very well. Our job is to make that view available to many more people, not to change it. CoinGlass stays CoinGlass, and nothing changes for its users."

 

CoinMarketCap’s acquisition of CoinGlass comes at a time when the annualized trading volume of the crypto derivatives market reached $35.08 trillion in the first half of the year, generating about $18.63 trillion in actual trading volume. That is about 9.6 times the volume generated by spot trading during the same period.

 

Like CoinMarketCap, several other companies have made similar acquisitions to expand their crypto market data offerings, notable among which is Kaiko’s acquisition of Amberdata in June, a move that was aimed at strengthening Kaiko’s institutional-grade derivatives market offerings.

 

About CoinMarketCap and CoinGlass

 

Launched in 2013, CoinMarketCap (CMC), often referred to as the “Home of Crypto,” is one of the world’s leading cryptocurrency data platforms that tracks prices, market capitalizations, trading volumes, and other crypto-related metrics of thousands of crypto assets.

 

Due to its influence in the crypto industry, Binance acquired CMC for an undisclosed amount that was reportedly speculated to be up to $400 million. According to Changpeng Zhao (CZ), Binance’s co-founder, CMC had more users than any other crypto product at the time.

 

CoinGlass is a crypto derivatives data analytics platform that aggregates real-time and historical crypto metrics, including open interest, funding rates, liquidations, ETF flows, and more. Prior to its acquisition, the platform was serving over 5 million monthly users and 10K+ API customers across 28 exchanges and 2,500+ instruments.