Carylyne Chan, CMC Global Head of Marketing, CMC Will Launch Educational Product in 2019
Being the leading crypto ranking platform, CoinMarketCap(CMC) tracks capitalization of various cryptocurrencies by listing prices, available supply (amount of coins/tokens that is currently in circulation), trade volume over last 24 hours, or market capitalizations.
With big influence in the crypto industry, CMC has great impact on the cryptocurrency price. Therefore, being objective and just are the industry expectations for such platform.
Recently, CoinTime interviewed Carylyne Chan, the Global Head of Marketing of CoinMarketCap, to learn the background scheme of CMC for maintaining objective since its launch.
Carylyne Chan, the Global Head of Marketing at CoinMarketCap, who leads the company on branding, strategy, and drives marketing partnerships and initiatives. She previously co-founded an AI platform (acquired), built machine learning and natural language processing models for extractive AI summarization, and has developed and launched new products in markets like Hong Kong and India with American Express, 3M and AGT. Apart from that, Carylyne is Co-Founder & Former COO at KeyReply. She is also probably one of the biggest Woolong tea enthusiasts you will meet in daily life.
Here is the talk between CoinTime and Carylyne Chan.
Caroline: My name is Caroline and I work at Coinmarketcap. I head up the marketing team there and actually work on sub strategic initiatives within the company. Our company has been pretty flat so far. There's not much of hierarchy. Everybody helps with multiple roles. So that helps a lot in terms of getting involved of multiple parts of the business and things. It's been quite interesting.
The data of coinmarketcap has huge impact on the industry. And how do you make sure your data is accurate and objective?
Caroline : I think a big part of that constitute a process. So if you think about how the data gets on the site, the first thing is people applying to be listed. We also have team members who proactive legal look for new projects or new exchanges. We'll ask them to put their information on the form we request for.
So after they put that to the request form that goes to the listing team who actually looks at all the data. Then they will check with the team in terms of their circulating supply, they would check the blockchain like wallet addresses just to be sure that the numbers are accurate. And then after that that data goes on the site.
So actually it is a lot of work to make sure that the data is checked before it gets on Coinmarketcap. So that's a process and it turns on updating the information most of the time because we start to have a direct communication. Many of these teams get back to us and say if you have a new data on the site to make sure that we do get updated about that. And then the team will go through to make sure that the data is accurate. And we actually check, you know, whatever a verifiable source of information, whether it's like the blockchain or to check the partners and stuff. So all of these go in to making sure that the data that we have on the site is accurate.
So, have you ever find out if any data has problem and how to rectify ?
Caroline: We usually try to detect it early, but sometimes people do things like they split up. There are kind of allocations in a way, it's like ten thousand wallets and then it because it is a lot, it is harder to track exactly. But we do get a lot of community reports so people write in to tell us that I noticed that you said this but actually like that, here's some of the evidence that this is not true. So we get a lot of community submissions as well. So that helps us to also check and balance the thins that we put on the site.
CMC removed the bitcoin price of certain korea exchange last year. So why is that?
Caroline: Yeah, exactly. So it is a really good question.
You know, we call it the kimchi premium for the Korean exchange’s bitcoin price. When the market was really hot, their numbers were a lot higher than everybody else's numbers on the exchange. So that basically was skewing a lot of the global numbers that we had. Its really changing the numbers in terms like global steps. So we put the aggregate numbers on the site based on all of global exchanges. You get a general view of a global market but Korean exchanges were changing those numbers. What we were trying to do in removing that was first it was not really representative of free market because nobody else outside Korea could buy the price. The point was to take it out. But I would say in hindsight that we should have been more communicative about the processes. I'll just take it off because I feel like that was kind of a chain effect that happened after removing, because the numbers fell so people thought that people are dumping the market.
With so many coins and exchanges information updating every day, what is the procedure for updating information? So how do you make sure your team work functional and efficient?
Caroline: I talk a little bit about the new info updating earlier. I think people don't really realize that a lot of the work is quite manual because you actually have to go in as a team. They actually go and do detective work like check out their site and support article. It's all things that they have to do and a big part of this is manual, but of course we have developed internal processes to make it more efficient. I think part of that helps us to know when the numbers are skewing. That helps us to balance between human effort and automated part.
Your team has been working decentralized. That can you introduce more about that?
Caroline: This is the fun part about working with a Coinmarketcap. Everybody's from different parts of the world. For example for most of the time I'm based in Singapore and in our community managers in Taiwan, but we're just hang out here. The team is actually in the U.S., but in different cities. The founder is in New York and then we have people in Chicago. I think that helps to make a more dynamic culture. All of us don't really have an office anywhere. That surprises most people. Every quarter we meet people new on the team or friends on the team that you've made over time. It's good to still have that personal touch.
What business model does CMC have? How do you profit?
Caroline:Our main revenues come from two parts. One part is advertising. On our website, if you don't have ad blocker and you would have seen we have banner. We have a desktop banners and we have also like a new mobile coming up. We have one that's IOS but we are also going to release the Android one in end of January or early February.
So we have a professional API. It's a enterprise grade API that people can kind of get information from. So we have a lot of high profile, big class banks or enterprises and of course start-ups using our API to display the information in their own ads. So I think that's the second stream of revenue for a quarterback academy.
If I'm an exchange and put advertisement on Coinmarketcap. So what benefits will I get and are there any screening?
Caroline: Basically listing and advertising are different things. The listing teams are completely independent. People have asked us, “hey, if I advertise, can I get my listing up for sure” and that there is a no. We are quite clear that it has to be listening only or advertising only.
So for advertising why it's such a valuable proposition is that it's a place where you can actually run crypto ads pretty easily and the global crypto market is looking at the site. I think that's give more visibility. Ads help to bolster and give more exposure to the exchanges who really wants to build a brand, whether that's always on campaign or whether that's a new exchange that wants to get more permanence. I think these are all good exposure points for them.
What is the future plan?
Caroline: It's something that we have also been working very consistently on. We have reviewed our room every two weeks to figure out exactly how we're gonna do. We just launched a pro API. We are continuing to push add to more end points. The other thing is mobile. We have a set of updated mobile apps and then we will have some other big projects coming in 2019 that we're working on. We're not really ready to say what that is yet but definitely something that will be a super excited about and and a big part of that is educational stuff.
We have news letters to collaborate with other people to put out more educational materials. I think a big part of education is because we're in a position where we can actually help to tell or educate people about other aspects of crypto other than price and market cap. So we want to use that to help people to learn more about crypto other than what they can see on the site today.
Do you think do you have competitors?
Caroline: I think the main competitor is not a direct competitor in a sense. Our site traffic is ninety percent. What we're trying to say is if we really want to grow the business, what we need to do is to grow the base of people who are interested in crypto who will come back every day and be interested in crypto like day in and day out. For us it is not a competitive person but I think we need to get over the hurdle of the fact that they're not that many people interested in crypto yet. All of us need to work together to push that.
Have you think about the chinese market?
Caroline: We're really interested in. That's something that we want to focus on a lot more in 2019. We do have a few candidates who are interested to to help us to expand the market in china. The idea is we don't want to just do a plane translate of the site which we already have.We wanna go for it, it needs to be completely localized. What is the Chinese market really need like? What kind of info would be most interesting to them and what kind of events would be interesting. All of that have to really be in place for us to say that we really want to do a good effort in China, because that is a big market and it's something that we should definitely pursue.
Executive editor： Emily Sun