CoinMarketCap acquires Coinglass, adding crypto derivatives data

Cryptocurrency price-information platform CoinMarketCap has acquired derivatives data specialist Coinglass. It is a strategy to broaden analysis beyond spot price-focused services to include leveraged-market data such as open interest, funding rates and liquidations.

On Sept. 25, local time, the two companies completed the acquisition process, Cointelegraph and CoinMarketCap reported. The deal value was not disclosed. Coinglass will keep its existing brand and team and continue to operate independently after the acquisition. Its website and mobile app, free analytics tools, API and pricing policy will also remain unchanged.

Founded in 2019, Coinglass is a data platform that tracks open interest, funding rates, liquidations, long-short ratios and options in the cryptocurrency derivatives market. It currently covers more than 2,500 products across 28 exchanges, and the company has said it has more than 5 million monthly users and 10,000 API clients.

With the acquisition, CoinMarketCap users will be able to check not only cryptocurrency prices and trading volumes but also price levels where leveraged investors’ positions and liquidations concentrate, along with changes in funding rates. CoinMarketCap expects Coinglass derivatives data to be exposed to a broader user base, given that it has about 115 million monthly users.