In a strategic move to enhance its cryptocurrency data offerings, CoinDesk has acquired CCData and its retail arm, CryptoCompare.
CoinDesk disclosed that it had acquired CryptoCompare, a retail arm of CCData, a crypto data provider. The acquisition is a component of CoinDesk’s strategy to broaden its market presence by incorporating CCData’s robust platform into its existing products.
CCData provides tools for regular investors and has a user base of more than 300,000, which could assist the media company in expanding its market presence. Sara Stratoberdha, CEO of CoinDesk, asserted that CCData has become one of the most prominent data providers in the digital asset sector over the past decade. Numerous individuals have employed it to comprehend cryptocurrency throughout the years. She stated:
“Over the past ten years, CCData has become one of the most respected and reliable data platforms for digital assets, earning the trust of numerous users seeking to understand and leverage their potential.”
She further stated they are enthusiastic about incorporating CCData’s robust data platform and retail tools into CoinDesk’s existing products and services. She is confident that this will generate additional prospects for its clients.
“We are delighted to begin integrating CCData’s retail suite and high-quality, robust, and trusted data platform into CoinDesk’s current products and services to unlock new opportunities for our customers,” she stated.
Earlier this year, CoinDesk introduced its CoinDesk 20 index. This is akin to a comprehensive scorecard for the cryptocurrency market, much like the S&P 500 and Dow Jones Industrial Average are for traditional stocks. It is anticipated that integrating CCData’s services will improve the reliability and accuracy of CoinDesk’s data offerings.
Improving Data Services
Charles Hayter, the CEO and Co-Founder of CCData, expressed his enthusiasm for collaborating with CoinDesk. He lauded CoinDesk as a significant player in the digital asset sector. Charles expressed his pride in the accomplishments of CCData and CryptoCompare over the years. He stated:
“CoinDesk is an integral pillar of the digital asset sector, from its award-winning journalism to its flourishing index business. I am deeply proud of what CCData and CryptoCompare have accomplished over the past decade, and with CoinDesk as our partner, I’m confident that we will continue to build a legacy that supports and empowers our clients and the broader crypto industry.’
Bullish, the parent company of CoinDesk, provides perpetual features based on the CD20 index. Prominent companies, including GSR, have executed option trades associated with it.
Additionally, Onramp Invest has integrated the CD20 index into its services for Registered Investment Advisors (RIAs). This provides these advisors with a consistent method of assessing the performance of digital assets when assessing their clients’ investment portfolios, utilizing the CD20 index.
CoinDesk’s objective with this new agreement is to establish itself as a premier source of cryptocurrency information and to offer enhanced tools that facilitate the comprehension of digital assets.