After claiming CoinMarketCap would be independent after the acquisition, Binance CEO CZ went to Twitter to ask what the community would like to see improved, added, or removed from the site.
After less than a month after Binance announced the acquisition of Coinmarketcap and claiming it would allow it to operate independently, CZ went to his twitter page to ask his followers for recommendations to improve the site.
Listen-to-community time. What would you like to see improved, added or removed from @CoinMarketCap?
— CZ 🔶 Binance (@cz_binance) April 22, 2020
There have been concerns over Binance growing power and dominance in the crypto space, as most crypto enthusiasts worry about manipulation from the company.
CZ Tweet on Coinmarketcap Improvements
His tweet attracted a lot of attention as at the time of reporting it had over 224 retweets and 1,3k likes. After going through some of the replies in the comment section, one cannot avoid feeling the mixed feelings in the Binance-Coinmarketcap deal.
One of the replies suggested that they should remove scam coins from the listings of the site, another one suggested the exchanger fake volume to be removed, while another one suggested the API used to be free.
Coinmarketcap was quick to respond to the suggestions of it to remove the exchanger faker volume, whereby it referred the user to check on its liquidity metrics, which is designed to combat the issue of exchanges inflating volume.
On the suggestion that the API used to be free, Coinmarketcap said it is still free, whereby they have migrated their public API. Regarding the rest of the suggestions, Coinmarketcap said it has forwarded them to its team for consideration. However, most of the suggestions were replied directly in the comment section.
CMC Under Binance
Coinmarketcap is transitioning smoothly under Binance, whereby the interim chief executive Carylyne Chan said that the acquisition is really good for CMC. She said:
“It is really good for CMC in the way that we feel we can tap into the expertise of Binance.”
She noted that the company has tremendously grown to be an employer of more than 900 staff workers since its inception. According to her, the departure of the company’s founder Brandon Chez is among the largest changes felt.
She, however, emphasized that Brandon feels that he left the company in a trustable team under Binance. She concluded that the company has not yet decided on what it will do in the long term regarding the plans to appoint a new chief executive.
In a bid to improve its services, Coinmarketcap is now making use of an automated crypto payment system to raise invoices and also receive funds. CMC will be using the Gilded finance network to facilitate the transactions.
It will be interesting to note the changes that Binance will bring onboard the CMC community in the long term, which may reveal its intention to cough $400 million amid the coronavirus crisis.