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CoinMarketCap, a provider of price and market cap data for cryptocurrencies, has announced the acquisition of Hashtag Capital, a startup that has developed a set of algorithms for “true price” with focus on liquidity.
Hashtag Capital was initially an absolute returns cryptocurrency trading fund. However, in a bid to create an accurate reflection of every asset, it started developing its own determination of the “true price” of markets, taking into account all points of available liquidity.
This marks CoinMarketCap’s first acquisition to date and follows its recent announcement to form Data Accountability & Transparency Alliance (DATA) that aims to enhance cryptocurrency data reporting standards across the industry.
Following the acquisition, Hashtag Capital’s team will join CoinMarketCap and work to further develop pricing algorithms and continually improve the latter’s data offerings. CoinMarketCap said that Hashtag Capital’s liquidity-focused products will drive part of the effort on DATA.
“We are excited to push the envelope on cryptocurrency pricing at CoinMarketCap, going beyond our traditional volume-weighted average prices to even more sophisticated price algorithms and analyses,” “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.”
In addition to the acquisition, CoinMarketCap announced that Carylyne Chan, formerly Head of Marketing, has been named Chief Strategy Officer, and Emily Hurd, previously Head of Business Development, has been named Chief Revenue Officer.
Earlier this month, CryptoCompare launched its first cryptocurrency Exchange Benchmark which ranks over 100 active spot exchanges worldwide. CoinGecko, on the other hand, announced a new “trust score” for ranking cryptocurrency exchanges to address the growing problem of fake volume data.
