CoinGecko open to acquisition but now is ‘too early,’ co-founder says

CoinGecko open to acquisition however now’s ‘too early,’ co-founder says

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Major cryptocurrency monitoring web site CoinGecko is open to acquisitions, however not proper now, in line with a co-founder of the platform.

CoinGecko has been hit by the present crypto bear market, however the agency is way from promoting off, CoinGecko chief working officer Bobby Ong instructed Cointelegraph.

Ong believes that every one crypto-related firms are affected by the cyclical nature of the trade as they often do nicely throughout bull runs and wrestle throughout bear markets.

“During this crypto winter, we at CoinGecko are equally impacted. This will probably be our third crypto winter and we’re targeted on enhancing CoinGecko to arrange for the eventual bull run that may come once more,” Ong mentioned.

According to the chief working officer, CoinGecko had 100 million month-to-month pageviews in July, experiencing an 85% lower in visitors in comparison with the height in November 2021. The visitors decline comes in keeping with the value motion of Bitcoin (BTC), which reached an all-time excessive above $68,000 final November.

“This has undoubtedly impacted income, as promoting is one in every of our main income drivers and is a perform of pageviews acquired,” Ong famous. He additionally mentioned that new token listings on CoinGecko dropped about 70% from final 12 months.

Despite shrinking revenues and the continuing uncertainty across the crypto market, CoinGecko continues to be holding robust when it comes to its headcount. The agency practically doubled its workers over the previous seven months from 30 to 57 crew members and has not laid off any workers. CoinGecko hasn’t instituted any hiring freeze as nicely, Ong mentioned.

“In reality, we simply paid out a small bonus to all crew members for the primary half of 2022 regardless of the bear market. We are additionally within the strategy of reviewing our salaries to make it extra aggressive to rent and retain the most effective skills,” Ong acknowledged, noting that CoinGecko has just a few remaining open roles for the remainder of the 12 months.

CoinGecko is the most important rival of CoinMarketCap, the crypto price-tracking web site that was purchased by Binance in April 2020. The acquisition got here throughout the post-2017 crypto winter, with Bitcoin buying and selling between $7,000-8,000 throughout the month of acquisition. Binance has by no means formally introduced the price of the deal, whereas it was rumored to value the agency $400 million.

Bitcoin worth chart from May 2017 to April 2020. Source: CoinGecko

Following CoinMarketCap’s acquisition, Ong mentioned that the agency was approached a number of occasions by exchanges, enterprise capitalists and angel traders, however CoinGecko opted to prioritize independence and keep impartial. The firm’s views have considerably modified since, as CoinGecko considers it’d promote the platform sooner or later, Ong mentioned, stating:

“At some level sooner or later, we will probably be open to promoting the agency however proper now, it’s too early to promote. The crypto trade continues to be in its first inning and there will probably be excessive progress within the coming years.”

Ong as soon as once more predicted that “something that may be tokenized will probably be tokenized sooner or later,” which might require a dependable supply to trace all these tokens.

Related: ‘Builders rejoice’: Experts on why bear markets are good for Bitcoin

“CoinGecko goals to empower the decentralized future by being the foundational infrastructure to assist individuals get the knowledge they want on the thousands and thousands of tokens that will probably be listed sooner or later,” the chief famous.

He additionally emphasised that the bear market is the most effective time to deal with constructing nice merchandise as there’s “considerably much less noise and distraction from short-term tendencies.”



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() Major cryptocurrency monitoring web site CoinGecko is open to acquisitions, however not proper now, in line with a co-founder of the platform. CoinGecko has been hit by the present crypto bear market, however the agency is way from promoting off, CoinGecko chief working officer Bobby Ong instructed Cointelegraph. Ong believes that every one crypto-related…