Main 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 much from promoting off, CoinGecko chief working officer Bobby Ong advised Cointelegraph.
Ong believes that each one crypto-related corporations are affected by the cyclical nature of the business as they normally do properly throughout bull runs and wrestle throughout bear markets.
“Throughout this crypto winter, we at CoinGecko are equally impacted. This shall be our third crypto winter and we’re targeted on bettering CoinGecko to organize for the eventual bull run that can come once more,” Ong mentioned.
Based on COO, CoinGecko had 100 million month-to-month pageviews in July, experiencing a 85% lower in site visitors in comparison with peak in November 2021. The site visitors decline comes according to the worth motion of Bitcoin, which reached an all-time excessive above $68,000 final November.
“This has positively impacted income as promoting is considered one of our main income drivers and is a operate of pageviews obtained,” Ong famous. He additionally mentioned that new token listings on CoinGecko dropped about 70% from final 12 months.
Regardless of shrinking revenues and the continued uncertainty across the crypto market, CoinGecko remains 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 staff. CoinGecko hasn’t instituted any hiring freeze as properly, Ong mentioned.
“The truth is, we simply paid out a small bonus to all crew members for the primary half of 2022 regardless of the bear market. We’re additionally within the means of reviewing our salaries to make it extra aggressive to rent and retain one of the best skills,” the COO said, noting that CoinGecko has a number of remaining open roles for the remainder of the 12 months.
CoinGecko is the largest rival of CoinMarketCap, the crypto price-tracking web site that was purchased by Binance in April 2020. The acquisition got here through the post-2017 crypto winter, with Bitcoin buying and selling between $7,000-8,000 through the month of acquisition. Binance has by no means formally introduced the price of the deal, whereas it was rumored to price the agency $400 million.
Following CoinMarketCap’s acquisition, Ong mentioned that the agency was approached a number of occasions by exchanges, enterprise capitalists and angel buyers however CoinGecko opted to prioritize independence and keep impartial. The corporate’s views have considerably modified since, as CoinGecko considers it’d promote the platform someday, Ong mentioned, stating:
“In some unspecified time in the future sooner or later, we shall be open to promoting the agency however proper now, it’s too early to promote. The crypto business remains to be in its first inning and there shall be excessive progress within the coming years.”
Ong as soon as once more predicted that “something that may be tokenized shall be tokenized sooner or later,” which might require a dependable supply to trace all these tokens.
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“CoinGecko goals to empower the decentralized future by being the foundational infrastructure to assist individuals get the data they want on the hundreds of thousands of tokens that shall be listed sooner or later,” the COO famous.
He additionally emphasised that the bear market is one of the best time to deal with constructing nice merchandise as there’s “considerably much less noise and distraction from short-term developments.”
