Cryptocurrency data aggregators are among the most visited sites in the industry. While CoinMarketCap remains the leader in its market – for now – the underdog CoinGecko is slowly becoming the aggregator of choice for the entire crypto-sphere. Independent and providing reliable market data, CoinGecko has everything to take the number 1 spot in the near future.

Let’s take a look back with Bobby Ong , the co-founder of CoinGecko, on the journey of the platform and what it plans for the future.

Can you introduce yourself ?

My name is Bobby Ong and I am the co-founder and COO of CoinGecko.

Why and how did you found CoinGecko?

I first discovered Bitcoin in 2013. As I was trading a few cryptocurrencies, I wanted to get some additional data for my trading. There was a lack of information on [project] development and social statistics. Together with my co-founder [TM Lee], we built CoinGecko and launched it in April 2014. Over the years we added more coins and today we track over 6,000 coins from 400 exchanges.

 

Logo CoinGecko

Can you explain to us the objectives of CoinGecko Ventures?

Our goal is to help grow the crypto world and help teams launch products that will improve the overall crypto market experience. We want to support teams that will push the boundaries of what can be done in crypto.

Why are you focusing on decentralized finance (DeFi)?

Recently, there has been a lot of progress in DeFi and a lot of the most innovative products are coming out of DeFi right now. That said, we don’t just invest in DeFi and are open to investing in other crypto sectors.

What other sectors are you exploring? Non-fungible tokens (NFTs) look very promising.

We keep an eye open and on the development of the different crypto sectors. NFTs are indeed very interesting for us as well. We have invested in NIFTEX, an NFT exchange that allows you to exchange fragments of NFTs.

How are you useful to blockchain companies? What are the most important criteria?

We do our best to help founders grow their businesses where relevant.

Do companies contact you to offer you to invest in their projects?

Yes, we currently receive requests from teams who want to invest in their projects, but we are selective in who we support.

CoinGecko has become a benchmark in the cryptocurrency industry for following the markets. How do you see the future of the platform?

The crypto market is still in its infancy and many new sectors are developing very quickly. CoinGecko will have to adapt and grow simultaneously. For example, when we started, there were no derivatives markets, DEX [decentralized exchange] or DeFi in crypto. Over the years, we have expanded our product offering and we now track all of these sectors at CoinGecko.

How do you select the projects in which you invest?

As many of our investments are at an early stage at the seed or pre-seed level, the decision rests largely with the idea and the founding team. We make a judgment call if we think the team is the best that can execute the idea that’s been pitched.

How do you rate the quality of cryptocurrency trading platforms?

We use an algorithm called “Trust Score” which looks at various factors beyond just the trading volumes of the platforms. This is important because we have found that many exchanges simulate their trading volume through “wash trading”.

We look at the bid-ask spread, order book depth, web traffic estimates, cybersecurity practices, team, past incidents and many more factors to get an overall score in ranking of platforms.

For more information, you can consult our blog at the following address: https://blog.coingecko.com/trust-score-explained/

What are the differences between CoinGecko and CoinMarketCap?

CoinGecko is an independent platform that provides a neutral channel for data. CoinMarketCap is no longer independent and its data is no longer reliable. The departure of their interim CEO and core team were the most apparent indicators of heavy interference from the Binance team in CoinMarketCap operations.

CoinGecko is also more innovative. We were the first crypto data aggregator to introduce a solution to the problem of exchanges’ rampant wash trading and issuance of fake volumes via Trust Score. With Trust Score, we now have higher quality exchanges sorted at the top of CoinGecko’s list instead of exchanges that practice massive wash-trading.

Additionally, CoinGecko is the first data aggregator to track the cryptocurrency derivatives market and the DeFi market. That’s why many people love our work and use CoinGecko.

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