CoinMarketCap buys CoinGlass to expand crypto derivatives data

CoinMarketCap has completed the acquisition of CoinGlass, a platform that provides data and analytics for crypto derivatives trading. The companies did not disclose the financial terms of the transaction. CoinGlass will keep operating under its existing brand and its team will remain in place. According to the announcement, CoinGlass's website, mobile app, free public tools, API access and pricing structure will remain the same after the deal. The platform monitors derivatives metrics including open interest, funding rates, liquidation events and options data across multiple venues. CoinGlass currently covers 28 exchanges and more than 2,500 tradable instruments. CoinMarketCap said the acquisition will allow its users to view derivatives positioning alongside cryptocurrency price information, including insights into where liquidations tend to cluster and how funding rates are evolving. CoinMarketCap itself was acquired by crypto exchange Binance in April 2020; at that time Binance stated the price data site would continue to operate independently and that the exchange would not influence its rankings. The companies did not provide a timetable for any product integrations beyond the stated continuance of CoinGlass's existing services.