CoinMarketCap publishes a cryptocurrency rate page that allows users to compare

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.

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.

Image source: pixabay

By Xiran Ding

This article comes from the push bitpush.news, reproduced need to indicate the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Decentralized exchange Newdex strength to play "fake"

From the earliest decentralized exchanges in the EOS ecosystem, it has grown and steadily occupied the top spot of EO...

Blockchain

The compliance exchange is about to appear in Singapore?

On December 18, 2019, the official website of the Monetary Authority of Singapore (hereinafter referred to as "M...

Blockchain

Speed ​​| Cryptographic Currency Derivatives Exchange: Clearing Mechanism; Bitcoin and "Great Wealth Transfer"

Today's content includes: 1. Chat with Tang Wei of Parity about the impact of ETH to PoS on ETC. 2. Kyber's...

Blockchain

Life After the Collapse of Sanjian Capital: Surfing, Meditation, and World Travel for the Founders

When their hedge fund failed, the entire industry collapsed. The resulting crisis drained the savings of millions of ...

Blockchain

FTX on the Brink of Bankruptcy: Decisions Await!

Fashionista, get the scoop on FTX's post-bankruptcy plans as they weigh options for a potential sale or partnership.

Blockchain

Gu Yanxi: The Governance Mechanism of the Future Encrypted Digital Asset Trading Industry

More and more encrypted digital asset exchanges have emerged in the US market recently. In addition to existing encry...