CoinMarketCap acquires CoinGlass to add crypto derivatives data
CoinMarketCap buys derivatives data provider CoinGlass
CoinMarketCap has acquired CoinGlass, a platform that tracks crypto derivatives data, for an amount that was not disclosed. The company announced the deal on Friday.
Derivatives are financial contracts whose value comes from another asset, such as Bitcoin. They are widely used by traders who borrow money to take larger positions, a practice known as leveraged trading.
CoinGlass keeps its brand, team and pricing
According to the announcement, CoinGlass will keep operating under its current brand, and its team will stay in place. Its website, app, free tools, API and pricing will not change. An API is a technical connection that lets other apps and websites pull in a company's data.
The market data CoinGlass tracks
- Open interest, which is the total value of derivative contracts that are still open.
- Funding rates, the periodic payments traders make to each other on some derivative products.
- Liquidations, which happen when a leveraged position is closed by force because the trader can no longer meet the requirements.
- Options, a type of contract that gives a trader the right to buy or sell an asset at a set price.
CoinGlass covers 28 exchanges and more than 2,500 instruments, according to the announcement.
CoinMarketCap said the deal will give its users derivatives positioning data next to cryptocurrency prices. That data includes where liquidations are clustered and how funding rates are moving.
CoinMarketCap's background with Binance
Crypto exchange Binance acquired CoinMarketCap in April 2020. At the time, Binance said CoinMarketCap would continue to operate independently and that the exchange would have no influence over its rankings.
What is confirmed and what is not
CoinMarketCap's announcement confirms the acquisition, the plan to keep CoinGlass running under its own brand, and the number of exchanges and instruments CoinGlass covers.
The purchase price was not disclosed, so the value of the deal is still unknown. The announcement does not set out a timeline for any further changes.
Where this information comes from
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.