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Crypto.com and Coinbase Global Inc have blamed the data provider for a summary of the high-profit showing of many cryptocurrency coins.
Who Bloomberg
Published December 15, 2021
The fingerprint has already started after a brief display of the astronomical gains of many cryptocurrencies on Tuesday night’s data errors.
Kris Marszal, the CEO of Crypto.com, blamed the well-known data provider CoinMarketCap.com and said he was working to remove an “unreliable price feed” from his site. Emilie Choi Coinbase Global Inc. the president and CEO also cited poor price data on CoinMarketCap.com, which owns the Binance rival exchange.
The event was “indicative of a growing industry,” Choi said in an interview with Bloomberg Technology Summit on Wednesday. Coinbas, the largest cryptocurrency exchange in the United States, has more than 70 million customers worldwide.
(Bloomberg)Although the exact cause of the errors is not yet clear, some industry members point to the possible role of the API or application programming interface. Websites use APIs to talk to each other, and a website can use its own APIs to allow other websites to embed their own data, for example.
Coinbas did not respond to questions about how much it pays to CoinMarketCap’s data feed. Crypto.com declined to comment.
Technical flaws have long been commonplace in the world of cryptocurrency, with many exchanges often having trouble processing transactions during high trading activity. The feature of anonymity that has been a selling point since the development of cryptocurrency has also made it more difficult to solve hacks and thefts.
“The perception here is that it often happens to the extent that people start to be patient,” said Owen, an analyst at Four Oppenheimer & Co. “While people are still looking for a reason, I’m not surprised to hear that people will blame the app for dealing with a client like Coinbase, even if the problem comes from data provided by third parties.
You don’t have to tell us anything; we are already removing it @CoinMarketCapFeed a reliable price for our product.
– Kris | Crypto.com (@Kris_HK) December 15, 2021
“In order for these markets to be perceived as credible by institutions and regulators, we need reliable and transparent data sources,” said Nic Carter, Coin Metrics, which created a cryptocurrency platform.
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