If CoinGecko Is the Top Independent Data Aggregator, Does Crypto Care?

After Binance confirmed the acquisition of CoinMarketCap (CMC) for an undisclosed sum, CoinGecko, an alternative data platform, became the top, independent crypto analytics site. But in a space with such a short attention span, will the Malaysia-based competitor be able to make a lasting impression?

When rumors emerged on Tuesday that Binance would acquire CoinMarketCap, the crypto community fell into a panic. 

The primary concern for many was that data on CMC would be compromised. The exchange would allegedly be incentivized to promote their native token, or even something much more sinister. It is still too early to confirm any of these claims, however. 

Meanwhile, CoinGecko, an alternative crypto data company, began reporting an uptick in user activity. “We are definitely seeing some reactions going on in the cryptosphere,” said TM Lee, co-founder of CoinGecko. “People are suggesting CoinGecko as the go-to site that is independent and impartial.”

Bobby Ong, the other co-founder of CoinGecko, confirmed that the platform has seen strong growth of its Twitter following and engagement. He added that the crypto community has been outspoken in its support of “the top independent data aggregator.”

Founded in 2014, CoinGecko runs a very similar business to that of CMC plus a handful of different data feeds. For one, users on CoinGecko can quickly reference developer activity for a given coin. 

They have also just released a book, “How To DeFi,” which offers a broad introduction of the decentralized finance movement. Lee told Crypto Briefing that users could continue to expect such offerings as the team “emphasizes further on education.”

Last year the team rolled out a product called “Trust Score,” too. This service helps users better measure exchange liquidity and cut through the wash trading issues that have been so common on CMC’s platform. CoinGecko was the first data aggregator to do this, according to Ong.

Still, the site’s most significant advantage, at least for many in the crypto community, is none of the above. 

Taylor Monahan, the founder and CEO of MyCrypto, told Crypto Briefing that “there is now a huge opening to promote oneself as ‘the independent aggregator'” following the Binance acquisition. Other data platforms, like Ryan Selkis’ Messari, have identified this opening as well. 

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