CoinMarketCap has announced that it has acquired Hashtag Capital to develop a cryptomonas pricing algorithm. This is the first acquisition made by the most popular cryptos statistics site.
Campaign to Improve CMC DATA Algorithms
In May, following the publication of reports on artificial volumes reported by exchanges, CMC announced the DATA campaign. The Alliance for Data Accountability and Transparency implies the improvement of computing systems for information published on the site.
Hashtag Capital is currently working on a set of algorithms to calculate the “real price” of cryptomonas.
“We are excited to expand the computing systems for cryptomone prices on CoinMarketCap. We want to overcome the traditional average prices versus volumes and move to more sophisticated algorithms and analyzes,
said Brandon Chez, CEO of CoinMarketCap.
“The Hashtag Capital team can significantly support our data efforts and help us reach the next stage of data delivery to the market.”
A team with experience in statistics
The team at Hashtag Capital is made up of three people. They have previously worked at Zendesk and are run by Spencer Yang. He previously worked on the crypto Cobo, CryptoKitties and Unikrn projects.
Hashtag Capital has begun to develop its own system of calculating the “real price” of cryptomonas as part of the management of an investment fund in cryptomonas. Its purpose is to create an accurate reflection of each digital asset, taking into account all available liquidity points.
Coimarketcap said that this project was the main reason for the company’s acquisition.
CMC calculation system
CoinMarketCap currently calculates the price of cryptomonas using a “weighted average volume”. For example, a exchange that contributes 80% of the trading volume for a cryptomon will then have its weighted price of 80/20 compared to the other platforms for that token.
The “real price” system viewed by Hashtag Capital would take into account all the liquidity points available in the markets on which the asset is traded. Due to the decentralization of the crypto space and of the numerous trading pairs, a fair calculation requires significant efforts.
Carylyne Chan, spokesperson for CoinMarketCap, said:
“We are very excited about the upcoming progress at CoinMarketCap! With the new data efforts we are launching, in addition to the DATA Enhancement Campaign, we will be able to offer a truly comprehensive platform for our users and customers and pave the way for continued industry involvement in data development with look at cryptomonads “.