Changpeng CZ Zhao, CEO of Binance, said Google uses CoinMarketCap (CMC) for its cryptocurrency data.
Google and the use of CoinMarketCap for crypto data
On the social of crypto-lovers, Twitter, Changpeng CZ Zhao, the celebrated CEO of the most popular cryptocurrency exchange Binance, reportedly said the following:
Google uses @CoinMarketCap for their crypto data.
— CZ
Binance (@cz_binance) January 7, 2023
So it appears the search engine giant is using data feeds from CoinMarketCap, the crypto tracker platform purchased by Binance in 2020 for $400 million.
It is not news that Google is interested in crypto, and given the tracker’s core functionality, such integration of cryptocurrency data feeds is thought to be directed into Google Finance.
Conversely, the integration of CMC into Google, a coin tracker that feeds data from more than 22,000 tokens and more than 530 cryptocurrency exchanges, represents an endorsement of cryptocurrencies, in particular Binance.
Google Cloud and Binance’s collaboration with BNB Chain
Apparently, this one between Google and CMC, is not the tech giant’s first collaboration with something related to Binance.
Instead, in September 2022, Google Cloud had begun its partnership with BNB Chain to provide early-stage Web3 and blockchain projects with basic infrastructure, cloud computing credits, mentoring, and advanced technical support.
In practice, startups building their products and services on Binance’s blockchain were also able to build on Google Cloud’s scalable and open-source infrastructure.
Not only that, such startups then also received facilitated access to the Google for Startups Cloud program that provides Google Cloud credits each year for up to two years, helping eligible startups in the early stage to create and grow their business.
Overall, the collaboration would bring support for the development of the Web3 ecosystem.
CMC’s tracker for liquidity reserves
Recently, CoinMarketCap added a new dashboard to show the liquidity reserves of crypto-exchanges.
It is a tool that allows users to monitor the liquidity of cryptocurrency exchange platforms by displaying total assets, public wallet addresses, and displayed wallet balance and value.
At a time of heightened tension following the collapse of FTX, which generated some distrust about the crypto world, CoinMarketCap wanted to act to bring transparency back to the industry by including crypto-exchanges’ Proof-of-Reserves.
The first exchange platform glad to participate in CMC’s solution was Binance itself, which holds over $65 billion listed in its combined wallet addresses.
