Coin Market Cap | All Things Crypto | Carylyne Chan Interview (2020)

Coin Market Cap has been used by pretty much everyone reading this right now. It’s our go to for information on projects and it’s about to get a whole lot better!

I had the pleasure of interviewing Coin Market Cap’s Global Head of Marketing – Carylyne Chan!

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By Trader Cobb -

When I first started representing Coinmarketcap at events that was maybe two years ago, so I think I definitely see a big difference in the types of people that come in. And it’s a good thing.

I think people here now are much more focused on how can we make this a sustainable business? Like what’s my business model? How can I get people to really adopt it and not just let me try to move this point?

The TraderCobb crypto show talking business in blockchain.

Ladies and gentlemen welcome to TraderCobb crypto show proudly sponsored by zipmex.com.au so get across and have a look. Today’s guest I’ve actually got I’m not gonna lie to you I’ve got a card in my hand right here coz I keep forgetting everybody’s name.

I’m having an absolute shock because I’m jet lag. It’s Carylyne Chan she’s the Chief Strategy Officer at CoinMarketCap. Thank you so much for your time appreciate it.

Thank you for having us. Now look, everybody knows what Coinmarketcap is unless they’ve been hiding under a rock for the last well, five or six years. Right? That’s my first question. How long have you been around for?

It has been more than six years. So Coinmarketcap started May 2013. So it’s about six and a half years.

All right, six and a half years, which is just about getting to the geriatric stage of the lifespan of this industry, because it is a long time in crypto, as we know, and I mean, you must have seen your traffic just grow absolutely out of control back in those early days, right.

Yeah. I think May 2017, maybe it was 1 million page views. Last year, we ended the year with 3.6 billion page views.

That’s very interesting. So if I may, do you see any correlation between the price of say Bitcoin and people flooding to your site?

There is some correlation. Yeah, yeah. I think we’ll when Cypress started the correlation was 99%. Yeah, it actually gone down quite a bit since then.

Now you’ve got something to talk to us about that I’m very interested in. But I’m going to segway to that in just a moment. There’s been a lot of talk about, you know, the the exchanges and how they’re ranked based on liquidity, whether it’s real, whether it’s fake, whether it’s front running, all this type of stuff.

Now, there was a large period of time when you’re kind of look don’t shoot the messenger, don’t shoot the messenger. Now, however something has occurred.

So you could tell us about what you guys are doing to help them make or help them to become easier for the retail trader and investor to really know who’s honest and who’s not.

Yes. So speaking specifically for how we’ve been looking at data on the site. So I think what you mentioned in terms of volumes was what we adopted.

So back in 2013, we adopted this metric of volume borrow from traditional finance because you know, in charge of it actually really accurate if you look at volumes for real trading interest into activity, so, you know, Wall Street there.

It’s against the rules, obviously. But I think when you look at crypto that has really changed over time, like we know it’s very decentralized, it’s not that regulated the same way across jurisdictions.

So as we think about that, we start to question ourselves in the last two years is volume still the best metric to use. And so we started to answer that question.

So you’ve come up with liquidity. And we know, like you said, for retail investors, liquidity is going to be the most important metric, because we want to make sure you can get out.

Yeah. And at the best prices. Yeah. So I think that’s why we started to focus on that, and people question us for a year. You know, like you said, people ask us, what are you doing about that and the reason why it took so long was because we had to keep going back to back tested data and keep testing the data to make sure it’s accurate it’s robust.

Yeah. So we don’t want to do the kind of lackluster solutions like a hackjob basically, with you know, just choosing some exchanges using or trusted or using web traffic as a random compilation or fixing specific order book depth percentages, living all those are not ideal in terms of a solution.

So what we’ve done is really make it super data driven. Make sure it adapts to all the 10s of thousands of market pairs in this like this. People come to CMC for that, because for the long tail, okay.

Well, absolutely. I mean, one of the things that as a trader from from my point of view, from the audience’s point of view, we’re looking for liquidity. I can’t trade certain contracts or certain markets because there’s just not enough liquidity.

The larger the account that you’ve got the more liquidity required to be able to exit or enter and exit out it is really important for someone who’s not so sophisticated let’s say so when I look at a chart I can tell you right then and there.

Whether it’s got the high liquidity or not, because it’s really easy to tell if you know what you’re looking for. But for the general Joe or selling in the street, it’s a fantastic tool and I’ll definitely be having a look at it as well.

Now, it’s already available so you can already go to Coinmarketcap when did it come out. It just came out today today.

Today which will be one of the days we’ve got the exclusive here guys, always here at TraderCobb. Look, I got another question for you you might not know the answer to this, but I find this very interesting based on a few of my theories about again, it comes back to liquidity, because the interest in the project, you know, basically harnesses of liquidity for us traders investors.

Outside of page one, which is the top 100 how much traffic goes to page two, and three, do you know any metrics on that because I know page one.

That’s the mack daddy right? If you’re on page one, you’re visible to the world. page two still gets lost. So there’s a massive drop off or.

I think for people who come on to just the page one and then drop off. It’s about 30 to 40%. Okay, but actually, it’s still a sizable number, going to page two and three and all the other pages on our site.

And is that because they are just searching for altcoins like, I guess people still like, to my perspective is totally different to that. I’m not the tech person.

I’m not the person looking for the next whatever they’re looking for. Yeah, I trade markets. So page one is pretty much.. what you want to be trained.

Well, I do a scan, I rip all of them off off coin market, I actually take the top 150 and I put them into a list and I scan them each day because that’s where the volatility is.

And that’s where the liquidity is now some within those top 150 doesn’t have too much liquidity. So I just pushed out the door and that creates my list of about 125 or so. Yeah. And that’s the way we use ripping from CMC which is very, very Interesting.

So I mean, what sort of things you will get going for? Obviously, you’ve got this new liquidity providing asset or tool. Are you continually growing? I mean, obviously, there’s more people come in Coinmarketcap is one of the premier spots to be.

What’s the business model going forward is it to do more of the same or you got more educate- I mean. What’s the plan is what I’m trying to get to, I suppose, yes,

I think there are multiple parts of this and the liquidity metric. That’s the first one the thing, I think the main point is CoinMarketCap, after all being a data set, you have to make sure that data continues to stay accurate.

Sure. So with that, we’re also looking at new pricing algorithms. So right now we are using our pricing algorithm and that’s a volume weighted average price.

I think as we look at making liquidity, the default metric, we are thinking how can we use liquidity as an input to pricing as well? Well, okay, so that’s interesting. I think that’s interesting going forward.

We also have actually already state of the art pricing algorithm that we’re testing. So it is a graph-based model. Basically, we’ve found a way to account for all the relationships between all the crypto assets and solve a simultaneous equation that does all of these relationships in the same place.

So, yeah, that’s, that’s what we’re doing. So we are going to launch that sometime soon. So that’s going to be an by itself, I think very interesting for accurately pricing in the market.

Wow. Well, it’s, you put on a fantastic event here too, by the way, short, sharp, and to the point, I like it. It’s not one of these massive expansion type events and get around and there’s a lot of good people here.

Are you looking to do more of these sorts of things. How many? How many CMC events like this, have you done now? This is the first one. I thought it was the first one.

It is the first one we will do another one next year. And it’s likely to be in Europe, although we are still figuring out exactly where so we will announce that when it’s available, but yeah, I think it’s been a really good experience for me so far.

And just you know, having everybody come here, talk about adoption and talk about liquidity as topics. So very excited to see everybody coming here and talking all these important topics.

Well, the conversation has definitely changed away from just your speculation. And more into the implementation of technology, how we’re actually going to be using it is blockchain going to be there in 10 years now, we’re starting to see a lot more people conversing about the actual use case.

I’ve also noticed the type of people’s change over the last. I mean, I was at Consensys in 2018. And the ethereal sign it was just absolute madness, there was all sorts of different you know, very colorful people. And I mean, I love them as well.

Don’t get me wrong, but it really lacked that credible feeling of business, people doing business within a new ecosystem and will allow us to progress and grow. I’ve just been in Malta, brilliant event, a lot of business side of things.

Do Dubai last October, same sort of thing. And again, here it’s definitely bringing out a lot more people out of the woodwork to know they do is they get things done. They don’t just buy and get lucky and hurt. Exactly. And there’s a huge amount going on there. You found the central thing?

Absolutely. I think I when I first started representing CoinMarketCap at events that was maybe two years ago. So I think I definitely see a big difference in the types of people that come in.

And it’s a good thing. I think people here now are much more focused on how can we make this a sustainable business? Like, what’s my business model? How can I get people to really adopt it? And not just let me try to move this coin?

Yeah, let me try and make some money and run away and see how we go with the exit. Was there anything we’ve missed that you would like to tell us about from CMC at the moment what’s going on any new news-wise? Education? Anything? Anything I’ve missed there that we want to make sure they don’t miss?

Yeah, I think education is actually a big part of where we’re going next. So maybe we can collaborate on that. I would absolutely love to.

Show them a lot of and have a chat with us. So on the education side of things like written video, what sort of things you’re trying to do.

So I think we see people coming onto the site. Lots of people ask things like, how do I get started in crypto? What I do with all these numbers I see on your site, and so forth.

So I think what we want to do is start there. And it’s going to be basic, but it’s going to move into intermediate, we’re gonna move into advanced topics, I think we’ve already kind of charted a little path to that a little bit will be video driven, but also at the same time, they will be, you know.

Interpreting it, like for example, Technical Analysis, yeah in crypto terms like why why is it different in crypto, like how can you use this, this indicator differently because it’s crypto right, based on the fundamental market differences, things like that.

So I think we are very excited to do that. Also. Beyond that, I think we are starting to add more utility to the site so today we also added a jobs port to our yes, you can now find jobs on CoinMarketCap.

Well there you go I didn’t know all that but if you’re looking for a job you bury all these other sites go to CMC. Exactly. Yeah, so things like that.

I think what we really want to do is to deepen the experience, provide more data types provide more analysis for more education, so people can get more of the experience once they land on CMC and not just leave that for the first page.

Yeah, I mean, the whole thing is about trying to simplify the process for a lot of people. I’ve got a lot of these events and you hear people talk about it. And I think you’re speaking to an I was at a gold and alternative investments event in Sydney a few weeks ago. Another simple question about how to set up a wallet.

And the amount of detail this person went into she said, Look, it’s actually really easy. All you have to do is this, this or this, don’t let all that confusing offense, but that it’s really this simple.

It’s not a big and this and this, there’s a lot of people that are either trying to be the smartest person in the room, or they just don’t know how to communicate to somebody a complex backend.

I don’t need to go over the backend. They wanna know about the frontend. How do I use it? Not how did you build it? Exactly. I don’t know how my computer works, but I press the button and that works.

So we’re going to simplify that process for everybody in the space to make it a user friendly experience. They’ve gone through CMC get their wallets, get their education, get everything they need, get their Bitcoin Ethereum, so on so forth.

And that is how I think we’re gonna bring a lot more people into this space. Absolute, I agree with you. 100%. Yeah. It’s an absolute pleasure meeting you and speaking with you. Thank you so much for your time.

Thank you. I know that will speak again, ladies and gentlemen. Caitlin. I got that right. Carylyne. Chairman, Chief Strategy Officer at Coinmarketcap.

We’ve got something right fantastic. Speak to you again very soon. Bye for now. Thank you. The TraderCobb crypto show talking business in blockchain.

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