Check out an exclusive interview with CoinMarketCap’s senior leadership about the philosophy behind the project, its history and the acquisition by Binance.
When talking about the platforms that are tracking cryptocurrencies movement, first that comes at one’s mind is definitely CoinMarketCap. A platform created to track the capitalization of different cryptocurrencies, the amount of trades that use them and the current price converted into fiat currencies updates the information every five minutes.
We spoke with its founder Brandon Chez and its Chief Strategy Officer Carylyne Chan about their work and the opportunities of such a platform in crypto-space.
CoinMarketCap began as a “passion project” back in 2013. However, reading the financial section of a news site that described market capitalization of equities, Chez got to the idea of presenting the relative size of altcoins in a similar way. Since most people are already familiar with this kind of approach, comparing altcoins’ value to the one of Bitcoin, became much easier.
It All Started in the Year of ICO’s – 2017
The whole thing culminated around 2017 (and we all remember the year when Bitcoin reached its record) when ICO’s were the ultimate way for companies and startups to make money, and Chez needed help with his website. His colleagues and friends joined in and Chez says that the first sign that CoinMarketCap “could be revenue-positive happened in 2015, when a site approached us to buy out all ad spots on our page.” During the next few years, the team was constantly growing as well as the site’s influence.
Of course, a lot of offers for the acquisition came by but the one Chez felt would make the most sense for both the team and the users, came from Binance.
“I believe that the alignment we have with Binance about being user-focused and increasing freedom for people in the world convinced me that this would lead to a great outcome for space,” noted Chez adding that, besides that,…