CoinMarketCap, a cryptocurrency data provider, has released a new page on which to publish interest rates offered by several cryptocurrencies to help users compare and select the right products.
The page is called "CoinMarketCap Rate" and contains 33 cryptocurrencies and stable currencies. It covers information from major lending platforms including BlockFi, Celsius Network, and currency security. Users can find annualized interest rates, deposit maturities (such as the minimum duration before revenue is realized) and other information about these platforms.
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Carylyne Chan, chief strategy officer at CoinMarketCap, told The Block that the development of new products takes about 1.5 months from concept to delivery. She added: "Our team first studied interest rates, interest rate prospects for cryptocurrencies, and analogs of traditional finance."
Just as banks and other financial institutions provide deposit and loan services, cryptocurrency companies do the same. They provide interest rates to cryptocurrency and stable currency depositors and lend them to users who may need margin trading, hedging or working capital.
According to cryptocurrency credit assessment startup Graychain, the current value of cryptocurrency lending is close to $5 billion. According to Graychain, Celsius and Genesis have the highest volume of transactions, accounting for 65% of the source of the loan.
It would be helpful to put interest rate information in one place, and LoanScan.io is already providing this information. When asked about the difference between CoinMarketCap's products, Chan told The Block: "We consider this offering as part of the entire cryptocurrency sector, not only focusing on loans, but also on interest rates, which will lead us to find relevant Other products are the same, such as detailed derivative data."
It is worth noting that CoinMarketCap does not charge companies listed on the Interest Rate page. Chan told The Block, "We will eventually introduce ads on the page similar to the main site," to make a profit.
Chan said that so far, CoinMarketCap has not raised any external funds, and it is completely spontaneous. "We don't plan to raise any funds soon. We can still continue to guide and expand."
There are currently 30 people working for CoinMarketCap. This figure was about 15 at this time last year, and was 2 in the previous year. Chan told The Block that the company wanted to hire more people, especially engineers.
CoinMarketCap will also host its first conference, The Capital, in Singapore next month, with more new products expected to be released. Although Chan did not disclose the details, she said that the product will help "enhance the user experience of CoinMarketCap."
In June, CoinMarketCap also acquired the technology startup Hashtag Capital for the first time to provide the "real price" of cryptocurrency.
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By Xiran Ding
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