Binance-owned CoinMarketCap buys Coinglass to expand crypto market data offering
The deal brings liquidation heatmaps, open interest dashboards, and funding rate data to CoinMarketCap's 115 million monthly users.
CoinMarketCap has acquired Coinglass, a crypto derivatives data platform used by traders to monitor leverage, positioning and market risk, the company said Friday. The financial terms of the deal were not disclosed.
Founded in 2019, Coinglass has seen its user base grow to more than 5 million monthly users, while its API customers have topped 10,000. The platform currently tracks 28 exchanges and more than 2,500 instruments.
Coinglass provides tools including liquidation heatmaps, open-interest dashboards and funding-rate tables. Its data also covers options, long-short ratios and ETF flows.
CoinMarketCap said integrating Coinglass will allow its 115 million monthly users to access derivatives metrics such as open interest, funding rates and liquidations alongside cryptocurrency prices.
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The acquisition comes as derivatives account for a majority of crypto trading volume, according to CoinMarketCap. The company said the addition of Coinglass will provide users with a comprehensive view of how leveraged traders are positioned and where liquidations are concentrated.
Coinglass will remain an independent business under its existing brand following the acquisition. The company said there will be no changes to its website, app, free tools, API or pricing, while its existing team will continue building the platform.