CoinMarketCap has acquired CoinGlass, a popular analytics platform for tracking liquidations, open interest, and other derivatives data.
The transaction has already been completed, according to an announcement made on Thursday. Financial terms were not disclosed.
CoinGlass is frequently used by cryptocurrency traders to monitor leveraged positioning for cryptocurrencies such as Bitcoin, XRP, Shiba Inu, and hundreds of other tokens. Its liquidation dashboards and heatmaps have become a fixture within the industry.
The two products will remain separate, the announcement says. CoinGlass will continue operating independently. Its website as well as its mobile app will also remain unchanged.
CoinGlass currently covers 28 exchanges and more than 2,500 instruments, according to CoinMarketCap.
CoinGlass started life as Bybt
The platform was founded in 2019 and was initially known as Bybt.
Some unusually detailed information about the company’s early history later became public because of a domain-name dispute with cryptocurrency exchange Bybit.
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A 2021 World Intellectual Property Organization decision described Bybt as a cryptocurrency futures information platform.
Interestingly, Bybit attempted to invest in the business before Bybt became CoinGlass. Negotiations ultimately collapsed over disagreements.
A domain dispute followed. Bybit sought control of the bybt.com domain due to being confusingly similar to the exchange’s own brand.
By then, however, Bybt was already turning into CoinGlass. The panel rejected Bybit’s complaint and went further.
The rebrand eliminated the persistent confusion between “Bybt” and “Bybit.”
Open interest, funding rates, liquidations, long/short ratios, options information, ETF flows, and increasingly sophisticated market-structure tools.
CoinMarketCap rarely buys companies
Acquisitions have historically been extremely rare for CoinMarketCap.
In June 2019, CoinMarketCap acquired Hashtag Capital, a small cryptocurrency trading and data business.
The go-to cryptocurrency tracking site was acquired by Binance in April 2020.
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