CoinGecko Releases “Trust Score 2.0” to Improve Transparency Amongst Crypto Exchanges

CoinGecko Releases “Trust Score 2.0” to Improve Transparency Amongst Crypto Exchanges

Over the past 18 months, CoinGecko has recorded a 706% increase in exchanges tracked, from 45 exchanges to 363 exchanges. Following several high-profile cryptocurrency exchange closures and hacks during the first half of 2019, leading to losses of over $270 million, CoinGecko today released Trust Score 2.0 to provide additional data that will further improve transparency in the cryptocurrency exchange space.

Earlier, on May 2019, CoinGecko launched Trust Score to provide additional insights into exchanges’ liquidity through order book and web traffic analysis. This was necessary to combat fake exchange volumes and to provide cryptocurrency investors with the means of avoiding exchanges that have poor actual liquidity.

Building upon the success of Trust Score, CoinGecko today announced Trust Score 2.0, which will bring about a more robust exchange ranking system. This update will go beyond liquidity measurements and will introduce four new major measurements, namely, exchanges’ API technical competency, the scale of operations, estimated cryptocurrency reserves, and regulatory compliance.

“As one of the world’s largest cryptocurrency data aggregators, it is our duty to provide critical and actionable data to our users. With the launch of Trust Score 2.0, progress is being made to promote transparency amongst cryptocurrency exchanges. We look forward to innovating further to better evaluate cryptocurrency exchanges based on a comprehensive set of data,” said TM Lee, co-founder of CoinGecko.

With the Trust Score 2.0 update, CoinGecko is also proud to announce partnerships with Bitfury’s Crystal Blockchain and Coinfirm’s AMLT Network. CoinGecko’s estimated cryptocurrency reserves make use of Crystal Blockchain’s on-chain analytics of exchanges’ Bitcoin, Ethereum, and Bitcoin Cash wallet reserves.

Plans are in place to further incorporate exchanges’ estimated reserves for other tokens in the future. Data from Coinfirm’s AMLT Network is used to provide insights into CoinGecko’s exchange regulatory compliance section.

Trust Score 2.0 is now live on CoinGecko for all exchanges, giving traders instant access to these insights.

Additional References

CoinGecko’s Trust Score 2.0 Methodology: https://blog.coingecko.com/trust-score-2/
CoinGecko Exchange List: https://coingecko.com/en/exchanges/

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