Crypto Market Data Site CoinMarketCap Acquires Crypto Trading Fund Hashtag Capital

News | June 27, 2019 By:

Cryptocurrency market data site CoinMarketCap has acquired electronic crypto trading fund Hashtag Capital for an undisclosed amount.

Hashtag Capital was founded in 2018 as an absolute returns cryptocurrency trading fund. However, the company started developing its own determination of the “true price” of markets as part of its fund management to create an accurate reflection of every asset, taking into account all points of available liquidity.

In a press release, CoinMarketCap said that it acquired Hashtag Capital, which marks the company’s first acquisition to date, to expand its efforts within its Data Accountability & Transparency Alliance (DATA), an initiative launched in May 2019 that aims to enhance cryptocurrency data reporting standards across the industry.

As part of the deal, the Hashtag Capital team, which includes Yangbin “Wybe” Kwok, former engineering executive at customer service platform Zendesk and co-founder of Zopim, will be joining CoinMarketCap to further develop pricing algorithms and continually improve our data offerings. CoinMarketCap said that Hashtag Capital’s liquidity-focused products will drive part of the effort on the DATA initiative.

“We are excited to push the envelope on cryptocurrency pricing at CoinMarketCap, going beyond our traditional volume-weighted average prices to even more sophisticated price algorithms and analyses,” said Brandon Chez, CEO of CoinMarketCap, “The Hashtag Capital team will be able to add significantly to our data efforts, and drive the next phase of CoinMarketCap in providing data products to the market.”

In addition to the acquisition, CoinMarketCap announced that two of their core team members have been moved up to their executive team. Carylyne Chan, formerly Head of Marketing, has been named Chief Strategy Officer, and Emily Hurd, previously Head of Business Development, has been named Chief Revenue Officer.

“We are really excited about the future progress at CoinMarketCap,” Chan said. “With the new data efforts we will be launching, in addition to our DATA Alliance, we will be able to provide a truly comprehensive platform for our users and customers, and pave the way for continued industry-wide involvement in crypto data development.”