Binance Seeks Community Feedback after CoinMarketCap Acquisition

After acquiring CoinMarketCap, Binance CEO Changpeng Zhao (CZ) asked the crypto community to provide their proposals for improving the crypto market data aggregator, Cointelegraph website reported.

The polling comes in the wake of a skeptical response to the $400 million acquisition from the crypto community, with many voicing worries regarding Binance’s rising influence in the crypto industry.

CEO seeks feedback

On 22 April, CZ asked the crypto community on his Twitter account about the changes they like CoinMarketCap to make:

“Listen-to-community time. What would you like to see improved, added or removed from @CoinMarketCap.”

Charlie Shrem, founder of crypto exchange BitInstant, said:

“Alot,” before adding, “But it’s still great right now.”

Meanwhile, other users proposed removing scamcoins as well as adding new pages to track active users and DeFi protocols.

On the other hand, Twitter user “don tello” quoted CE’s previous confirmation that CoinMarketCap would continue operating independently of Binance:

“But I thought you weren’t going to influence anything and they were continuing to operate independently? That look long.”

In a recent conference, Carylyne Chan, CSO of CoinMarketCap, said the acquisition “is really good for CMC in the way that we feel we can tap into the expertise of Binance.”

He confirmed that his company has expanded, hiring more than 900 employees since its launch in 2017.

Binance issues digital asset pegged to Ontology tokens

The Malta-based crypto exchange has issued ONT-33D; a digital asset pegged to Ontology (ONT) tokens.

The new token is built on the exchange’s blockchain and governed by parameters named ‘BEP2’.

Each token has an ONT coin backing, Binance spokesperson said. He added that this would keep the token price as that of the ONT tokens traded on the open crypto market.

ONT tokens move on Ontology’s key network, which makes them incompatible with DEX; Binance’s decentralized exchange as both operate on separate blockchains.

“It will allow ONT holders to have decentralized exchange service,” the spokesperson said.

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

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