CoinGecko – a prominent crypto tracking platform has consented to acquisitions, however, the venue’s co-founder asserts that this is not the suitable time for such operations. The present bear market in the crypto space has influenced CoinGecko, however, the company is at a considerable distance from being sold, as Bobby Ong – the chief operating officer of the platform stated.
CoinGecko Considers Acquisition due to Crypto Winter, But Not Immediately
The COO is of the view that the entirety of the firms taken a blow by the crypto industry’s repetitive nature as their progress is remarkable during the market bull runs whereas they have to struggle for their existence at the time of bear markets. In his words, CoinGecko has been affected in its 3rd crypto winter just like the others, and the management of the venue is at the present concentrating on enhancing its functionality for the consequent bull run to take place for another time.
As per the COO, more than 100M per-month pageviews were witnessed on CoinGecko in July, signifying a decline of up to 85% in its traffic in comparison with its peak that occurred in November the previous year. The traffic decrease is witnessed simultaneous to Bitcoin’s (BTC) price movement, which touched its all-time high at $68,000 in the same month.
CoinGecko Remains Undeterred Despite Its Decline
Ong mentioned that the revenue has been influenced by this because advertising counts as a key revenue driver. He added that a drop of 70% has been seen in CoinGecko’s latest token listings while comparing with that of the previous year. Notwithstanding the reducing revenues, as well as the current uncertainty, that prevailed across the crypto market, the number of people operating on CoinGecko has not decreased.
For more than 7 recent months, the amount of staff at the venue has nearly doubled to 57 (increasing from 30). The company has not even considered any potential hiring freeze either. Rather, a small bonus has also been provided by CoinGecko to its group members for the initial half of this year notwithstanding the bear market. CoinGecko is known as the well-known competitor of CoinMarketCap (the website for tracking crypto prices) that Binance purchased in 2020’s April.
Ong said that after the acquisition of CoinMarketCap, several angel investors, venture capitalists, and exchanges approached CoinGecko, the firm preferred to remain neutral and independent. Nevertheless, a slight change has occurred in CoinGecko’s views as Ong discloses that it might be sold in the coming time, nonetheless, this is not an appropriate time.
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