Arguably one of the biggest acquisitions in cryptocurrency took place this year when Binance took over popular blockchain data site Coinmarketcap. However, this acquisition has not come without its own controversies as there has been accusations of conflict of interest.
Binance, as one of the biggest and most well known exchanges, benefits from high popularity and ratings from third-party sites. Coinmarketcap has been one site that provides such trustworthy data, but people worries Binance would skew the data to position themselves in the top.
And this did in fact happen. Under the workings of turning Coinmarketcap’s ratings to be more accurate, the one outlining the best in class for exchanges saw Binance shoot to the top based mainly on internet traffic. This decision was hugely criticized and left many people questioning the acquisition.
Changes have been coming at Coinmarketcap since the take over, and many will argue their merits and demerits, but the latest news has seen three veterans of the company all deciding to leave at the same time.
This could of course mean nothing, but it also does not paint things in too good of a light for a company that has inferences of conflict of interest form the parent company. Things may be changing at CMC, but the question is now, how are they changing?
CoinMarketCap’s chief strategy officer and acting CEO Carylyne Chan is leaving together with two of her colleagues, Jeremy Seow and Spencer Yang. Chan, who has worked at CMC since January 2018, stepped in as interim CEO shortly after CMC was acquired by Binance in April of this year.
Seow, for his part, has been CMC’s vice president of products since June 2019, the same month that Yang joined as vice president of operations, growth and revenue. These are of course all very important positions, and these three have had a profound impact on making the site what it is, and was.
In an interview with Cointelegraph, Chan said that she is leaving with the hope that CMC will assume a more prominent role in cryptocurrency education.
Chan sketched out her vision of cryptocurrency as a cooperative and community-led “revolution,” which still requires significant collective efforts before it can break through and “cross the chasm” to widespread use.
“Apart from shedding light on the complicated inner workings of crypto, I believe that there is also a lot more that we need to do to make the actual use of the technology easier. We’ve all known for a while that better user experiences and simplified interfaces and products will be key to ramping up adoption of crypto,” Chan said.
Yet to prove itself
As it stands, Binance has made a few controversial choices in its moves through CMC, but they have not done anything untowards. The changes to rankings and rating have been explained, and amended in some instances, but the future is still murky.
Many worry still about how CMC will be shaped under the auspices of Binance, and now with three veterans leaving the scene that helped shape the site, the future is yet to be seen and determined.