CoinGecko, the company behind the coin market ranking chart app, is poised to update its “Trust Score” system to assist its rapid growth. It has been reported that “Trust Score 2.0” promises to increase transparency in the realm of cryptocurrency trading.
Crypto Ranking App Upgrades amidst Rapid Growth
The upgrade was announced by Bobby Ong, the Co-founder of CoinGecko at CoinDesk’s Invest: Asia event in Singapore. Ong explained that the move was in response to the remarkable expansion it has seen in the recent period.
Currently, CoinGecko ranks 363 exchanges, up from 45 exchanges only 18 months ago, marking a meteoric 706 percent rise in less than two years.
Likewise, in the growing world of cryptocurrency trading platforms, Ong pointed out deceiving data as a major issue, with fake volumes being used to drive unsound trading.
Trust Score 2.0 to Strictly Examine Crypto Exchanges
CoinGecko’s Trust Score system was only disclosed in May, this year with the purpose of striving against fake trade volumes seen on various cryptocurrency exchanges.
In the 2.0 version, the system is to use more complex metrics and measures and take a more global perspective. It will track four major areas: an exchange’s API technical coverage, their scale of operations, their presumed cryptocurrency reserves, and regulatory compliance.
TM Lee, the fellow Co-founder of CoinGecko, said in a statement:
“With Trust Score 2.0, progress is being made to promote transparency amongst cryptocurrency exchanges”.TM Lee
However, the system has already named Binance, Bitfinex, Bittrex, Poloniex and Coinbase Pro as its top five exchanges.