CoinMarketCap Engages In 'Swapping' Backed By Uniswap

CoinMarketCap Engages In ‘Swapping’ Backed By Uniswap

CoinMarketCap (CMC) has started its token swap feature which would aid users in swapping crypto assets on the platform. This was made known in the latest announcement on the CMC website, they also integrated Uniswap to aid the process. CMC, a source of cryptocurrency market data was acquired by Binance in April last year.

On the CMC platform, a swap coin has been introduced. The swap coin helps to link customers to a wallet so that swapping can be done between ERC-20 tokens. Wallets supported by Uniswap like MetaMask et cetera are available to aid the process on the CMC platform.

According to a public statement released by CMC on June 29, the platform may in the future support other decentralized exchanges. According to the announcement, the platform for the time being supports only Ethereum and Uniswap is its first decentralized exchange protocol.

Information from SimilarWeb states that since early this year, CMC had maintained high traffic on its website with a recorded increment from 101 million to 272.32 million visits counting from January to May. However, Binance has spearheaded the increased traffic via their traffic referrals which accounts for 52.68% of the visits. CoinMarketCap was established in 2013 and rates as one of the outstanding online platform for accessing data on crypto. The forum began crypto indices on some renowned financial platforms in 2019.

Notwithstanding that Binance announced that CMC would function as an independent platform after its last year’s acquisition, some senior officials exited after the takeover. Cointelegraph last year’s August 31 report stated that the interim CEO of CMC; Carylyne Chan with some officials all exited the company.

However, the latest development as regards the token swap aligns with Chan’s major goal of encouraging widespread crypto adoption. She revealed her crypto goal during her August 2020 interview with Cointelegraph.


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