The company behind coin market ranking chart app CoinGecko is poised to update its “Trust Score” system to accommodate its rapid growth. According to CoinDesk, “Trust Score 2.0” promises to increase transparency in the realm of cryptocurrency trading.
The upgrade was announced by CoinGecko Co-founder Bobby Ong at CoinDesk’s Invest: Asia event in Singapore. Ong explained that the move was in response to the significant expansion it has seen in the recent period.
CoinGecko currently ranks 363 exchanges, up from 45 exchanges only 18 months ago, marking a meteoric 706 percent rise in less than two years.
However, in the growing world of cryptocurrency trading platforms, Ong identified misleading data as a major issue, with fake volumes being used to drive unsound trading.
In the 2.0 version, the system is to utilize 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.
Fellow CoinGecko Co-founder TM Lee said in a statement that with Trust Score 2.0, “progress is being made to promote transparency amongst cryptocurrency exchanges”. The system has already named Binance, Bitfinex, Bittrex, Poloniex and Coinbase Pro as its top five exchanges.
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