CoinMarketCap, the New York-based cryptocurrency market analysis and tracking website, acquires tech startup Hashtag Capital that is said to provide a “true price” of cryptocurrencies. Hashtag develops algorithms that analyze “all points of available liquidity” to accurately reflect asset prices and create better quality markets data. The news was released after a transparency initiative was launched by CoinMarketCap on May 1st in alliance with some of the largest cryptocurrency exchanges in the world including Binance, Bittrex and Bitfinex. The initiative resulted in the forming of a new group called Data Accountability & Transparency Alliance (DATA), which is intended to tackle issues regarding cryptocurrency data reporting.
“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,” said CEO and founder of CoinMarketCap, Brandon Chez. “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 an effort to enforce full transparency immediately, all exchanges listed on CoinMarketCap’s website were mandated by the company during same time to provide live orderbook and trading data – otherwise they will be delisted from the platform’s adjusted volume calculations.
The team of Hashtag Capital will be joining CoinMarketCap once the acquisition is complete.