Connect with us

Exchange

Coinmarketcap to Exclude Cryptocurrency Exchanges from Data Calculation

Published

on

Data Accountability & Transparency Alliance (DATA) for exchanges

Introduces Data Accountability & Transparency Alliance (DATA)

Top Cryptocurrency market indicators tracker Coinmarketcap has announced it will remove cryptocurrency exchanges from its data feed if they do not comply to its mandatory request to supply data by the mid of the year. This was made known via a blog post it released in celebrating its 6th Anniversary. In this post, the Price Tracker also announced several major initiatives they have been working on for some months which included amongst others Coinmarketcap Data Accountability & Transparency Alliance (DATA).

The globe saw a remarkable rise in value of cryptocurrency and an explosion in the combined market capitalization running into hundreds of billions of dollars such that there were abnormal prices in some countries of the world (South Korea). Owing to the need to promote greater transparency, accountability from projects in the cryptocurrency space, the initiative will seek to empower users to make more informed decisions and to providing a means for projects to differentiate themselves through enhanced disclosure.

According to Coinmarketcap, the DATA rides on the objective of Reviewing, aligning and enhancing reporting standards across the cryptocurrency industry, Identification of gaps, proposal of strategies and measures to enhance data accountability and transparency.

It is also worth mentioning that in January 2018, CoinmarketCap tweeted they were excluding data from Korea exchanges due to “extreme Divergence in prices from the rest of the world and limited arbitrage” . According to a report by Bitwise, most of the cryptocurrency exchanges report fake volume. The report indicted several of the perceived top exchanges in cryptospace with top exchanges like Binance offering to help resolve this issue

Coinmarketcap went further in addressing the ways DATA will be employed to promote transparency, of which it broke into phases. The first phase which is centered on Exchanges seeks to collect trade and order book data from Exchanges and this will be effective mandatorily as from the 14th of June, 2019. These data will be provided via API and will allow the analysis of liquidity, order book depths, spread etc.

The second phase also focuses on Cryptocurrency Exchanges and will see more in depth data to allow users make more rational financial and non financial decisions. This phase will allow the provision/collection of data on Exchange cold/hot wallets addresses, Proof of Solvency/Reserves/Liabilities. It will also allow users to see live data on market trading pair status as well as Historical trade data. Exchanges which do not provide these data will be excluded from the calculations on Coinmarketcap

The last phase will focus both on exchanges and crypto projects. It is to even provide more data for transparency and accountability. In this phase, Coinmarketcap is adopting a self-reporting policy which will see Cryptocurrency Projects reporting data on themselves to the Crypto Data Tracker. It is expected for projects to report data on industry/sector, blockchain platform (Ethereum, Neo, BitcoinCash etc), Consensus Algorithm (POW, POS dPOS), Team information, User base breakdown (Targeted and Existing) etc.

On cryptocurrency exchanges, coinmarketcap expect exchanges to self provide data/information on Legal & Industry compliance requirements, cybersecurity measures, Account Freezing/Termination policies, KYC Policies, Fee structures etc, through the Coinmarketcap Data Accountability & Transparency Alliance (DATA) initiative

WIth some top cryptocurrency Exchanges such as Binance, Bittrex, Bitfinex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, Kucoin, HitBTC already joined the alliance to lead transparency cause,these data to be collected and displayed for all to see on the Top Crypto financial tracker,will see to increase in transparency and accountability and provide more clarity on some of the absurdities in the space.
Do you want to get listed on CMC? Get to know what DATA is about.

Spread the news

I am fascinated by Technology ranging from Blockchain, AI, AR/VR and the general IoT. I report on tech related news on startups and other mainstream firms.

Advertisement
Comments

Exchange

Enhancing Protection, Bittrex Secures $300m Digital Asset Insurance 

Published

on

 

Cryptocurrency exchange Bittrex, Inc announced it had secured a $300 million digital asset insurance.

The insurance obtained secures named crypto assets in its cold storage system. 

The blockchain technology and cryptocurrency exchange firm said it worked closely with the world’s leading insurance broker and risk adviser, Marsh, in placing the coverage with Arch Syndicate 2012, an organization which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London. 

The approval for insurance coverage according to Bittrex comes after successfully demonstrating its extensive internal security and compliance protocols.

The coverage is up to $300 million in assets in cases of external theft and internal collusion.

The underwriters were not disappointed upon learning of the ‘best-in-class‘ technology Bittrex has. And the fact that ‘a growing number of cryptocurrency exchanges around the world are also built on the Bittrex’ technology owing to the confidence in the platform, Bittrex claims.

Speaking on the insurance coverage, the CEO of Bittrex, Bill Shihara, was quoted saying “Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,”. 

He continued further saying “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies

Co-leader of the global leader in insurance and risk management firm, Marsh’s Marsh’s Digital Asset Risk Transfer (DART) team also commented saying “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,” 

“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs

 

Spread the news
Continue Reading

Exchange

Waves.Exchange launches Secure Decentralized Staking offering up-to 30% Annual returns

Published

on

Waves.Exchange has launched its decentralized staking allowing users to securely stake their tokens and earn passive income of up-to 30% annually. 

 

The exchange rewards users with profits made based on the proportion of tokens staked on the platform. 

According to Waves.Exchange, many crypto exchanges currently offering staking services but argued that only decentralized staking can guarantee users’ security and true control over their crypto assets. 

 

In centralized exchanges, staked tokens become working capital for the exchanges since the tokens are transferred from the wallet of users to the exchange’s wallet thus losing control over the asset. 

 

Waves.Exchange emphasized that its decentralized staking offers users control over their crypto assets yet allows earning. The service is unique because Waves platform uses the POS consensus algorithm and pays out rewards with the generation of every block. 

 

the exchange has no access to users’ funds: no one can block staked assets or interfere with users’ ability to collect passive income in any other way.”

 

It works by letting users to simply sign a special transaction that allows their WAVES to be used by a specific Waves node to generate new blocks. In return, users collect a percentage of the resulting block rewards.

 

Neutrino Dollar as an alternative 

The exchange also offered alternatives, this comes in the package of the Waves decentralized stablecoin, the Neutrino Dollar. The Neutrino Dollar is described as 0″an algorithmic stablecoin pegged to the US dollar and underpinned by Waves’ PoS network.”

 

According to the exchange, all Neutrino coins are held in a smart contract and users can send their Waves to the smart contract and exchange them for the stablecoin at any time.

 

 The transferred Waves are used by a Waves node as part of a generating balance with users getting daily payments earnings in the Neutrino Dollar.

 

Higher ROI 

The exchange boast of higher rates, security and control of funds than traditional financial tools. Quoting the exchange, it said “While daily earnings will fluctuate based on WAVES’ price dynamics — which, in turn, depend on a number of wider factors affecting the crypto markets — USDN staking can still bring annual returns of up to 30%.”

 

Spread the news
Continue Reading

Exchange

Naijacrypto Announce Support for XRP Days After Paystack Integration Allowing Buying of Crypto Easier

Published

on

 

Nigerian cryptocurrency exchange Naijacrypto has added support for Ripple XRP on its platform. The announcement comes days after the exchange integration of paystack into the exchange. 

 

Naijacrypto is one of the several Nigerian owned cryptocurrency exchanges offering locals the ability to easily buy and sell cryptocurrency.

Founded in March, 2019 and has grown offering unique services to users, as well as providing access to an OTC market for a wide selection of digital assets.

 

The Paystack integration allows customers to purchase cryptocurrency using their debit card thus eliminating the friction existing in buying and trading cryptocurrencies. 

 

In a video, Chiagozie Iwu of Naijacrypto also mentioned certain changes already carried out in the exchange platform and several more to come.

According to the video update, changes such as in KYC has seen improvement and is more user-friendly. 

 

Users are not mandated to submit identifying documents until the point of withdrawal. In security of the platform has also seen some improvement as users can now choose between available authentication methods. 

According to Mr.Chiagozie Iwu, “This is to give you more security features or based on your preferences basically”

 

Buy Bitcoin Page & Naijacrypto Academy 

Naijacrypto also talked about the creation of a page that will allow users to quickly buy bitcoin with few clicks thus simplify the whole process of getting bitcoin. 

The update also the intention of the crypto exchange to launch the Naijacrypto Academy.

The Naijcrypto academy will serve as a platform for educating new users in crypto generally. According to the CEO, Chiagozie Iwu, more details will be coming out soon.

 And in the coming days, New cryptocurrencies will be added to the platform and one of such being Bitcoin Cash.

Spread the news
Continue Reading

Exchange

Huobi Launches Brokerage Platform Targeted at Institutional Clients

Published

on

Huobi Group, parent company of Huobi cryptocurrency exchange has launched a cryptocurrency brokerage platform, Huobi Brokerage. The brokerage platforms aims to attract institutional investors, especially those with great appetite for crypto products. 

The announcement came at me World Economic Forum #WEF at Davos on Tuesday, 21st January, 2020. The platform named Huobi Brokerage is currently available in major jurisdictions where the exchange is currently present with exception to the People’s Republic of China. 

 

Global Institutional Business (GIB)

The new service from Huobi is a part of Huobi’s Global Institution Business (GIB), an arm of Huobi with special interest to control its institutional-oriented businesses. It was established in November, 2019.

Huobi in a statement stating the function of the GIB said “The initiative, named Global Institutional Business (GIB), will see the creation of a team to offer and support services including contracts, exclusive benefits for VIP traders, and a dedicated fiat desks for institutional clients, as well as additional plans for custody services.”

According to Huobi, the firm since the third quarter of 2019 has seen an increase of up-to 400% growth in institutional clients with about 1,700 investors onboarded already. 

With offices across a couple of continents, the Huobi GIB aims to be at a top priority for Huobi as it continues to grow globally. 

According to Huobi Group vice president Ciara Sun, “2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand. As we enter the next phase of crypto, Huobi staking an active role in setting new standards for institutional and retail clients alike,” 

The race for institutional clients continues to grow increasingly stronger as the industry grows in maturity. Coinbase is also expanding its custody business across the world.

However, as Huobi plans to initiate its custody business in the coming months, it hopes to through its venture aims to set new standards for institutional clients in the industry. 

Spread the news
Continue Reading

Find Us

Address: 7 Kafi Street, Beside City Mall, Shoprite, Alausa, Ikeja, Lagos.

Hours: Monday—Friday: 9:00am–5:00pm

Contact: +234 817 866 6900

Trending

Copyright © 2019 Cryptoptvplus. Powered by Ma media