CoinMarketCap Acquires CoinGlass in Push to Enhance Derivatives Market Analytics
Following the acquisition, CoinGlass will maintain its existing brand identity and staff, with no changes planned for its website, mobile application, complimentary tools, API services, or pricing structure.
In a move to broaden its derivatives market intelligence capabilities, CoinMarketCap has completed the acquisition of CoinGlass, a prominent cryptocurrency derivatives data platform, though financial terms of the deal were not disclosed. The transaction significantly expands CoinMarketCap's ability to monitor and report on leveraged trading activity taking place across leading cryptocurrency exchanges.
In an announcement made Friday, CoinMarketCap confirmed that CoinGlass would maintain operations under its current brand identity, with the entire existing team staying on board. The company emphasized that users can expect continuity, as the platform's website, mobile application, complimentary analytical tools, API infrastructure and pricing models will remain completely unaffected by the ownership change.
The CoinGlass platform specializes in monitoring critical derivatives market metrics including open interest volumes, funding rates, liquidation events and options market activity. According to the official announcement, the service currently provides comprehensive coverage of 28 different exchanges and delivers data on more than 2,500 distinct trading instruments.
According to CoinMarketCap, the strategic acquisition will enable its user base to access comprehensive derivatives positioning intelligence directly alongside traditional cryptocurrency pricing information. This integration will provide traders with valuable insights into areas where liquidation levels are concentrated and enable them to monitor real-time movements in funding rates across the market.
This acquisition comes several years after CoinMarketCap itself changed ownership. Cryptocurrency exchange Binance completed its acquisition of CoinMarketCap in April 2020. During that transaction, Binance publicly committed that the data platform would maintain its independent operations and assured the community that the exchange would exercise no influence over CoinMarketCap's market rankings and metrics.