With the number of frauds and hacks in the Cryptocurrecny industry showing no signs of stopping or slowing down, companies such as Coinfirm and CoinGecko are an essential part of the ecosystem, which bring data, analytics and therefore transparency to exchanges, consumers and banks.
These businesses that ‘patrol’ the Crypto space will become more important as the industry matures and as Central Bankers take more notice of the securities and begin to seriously contemplate their own digital currencies.
Below is the full press release from our partner, Coinfirm;
Manipulated crypto exchange volumes along with unknown security and regulatory standards has been highlighted multiple times to be a major issue and risk for the entire industry. Coinfirm and CoinGecko have been at the forefront of providing data that provides transparency and insights into the market. Leading blockchain analytics and AML company Coinfirm has brought CoinGecko, one of the largest crypto data aggregators onto the growing list of AMLT Token Network Members. CoinGecko which currently tracks over 5,000 tokens from more than 350 cryptocurrency exchanges will now have access to all of AMLT Network Membership benefits such as exclusive access to data like the full Coinfirm KYE Report and exchange “Proof-of-Reserves” insights as well as the AMLT Panel to submit data on the market and be rewarded for it.
As a part of the collaboration, CoinGecko intends to make use of Coinfirm’s Analytics & AML Platform and their AMLT Token Network to enhance its algorithm in calculating exchanges’ Trust Score. Trust Score is an algorithm used by CoinGecko to sort exchanges by real liquidity. This is a needed initiative as many exchanges are found to be fabricating their reported trading volume and Trust Score is used to increase transparency on the exchanges’ real liquidity.
Bobby Ong, co-founder of CoinGecko stated, “We are excited to join Coinfirm’s AMLT Network and make use of the dataset available to provide a richer browsing experience to our users. We believe that transparency is key in this industry and hope that by using the AMLT Network’s and Coinfirm’s data, our users will be better able to make judgements on exchanges while also helping provide data to bring even more transparency and security. With this initiative, we hope exchanges will continue improving their practices to ensure a safe trading experience for all users.”
CoinGecko will utilize the AMLT Token Network’s data to display exchanges’ Know-Your-Customer (KYC) and Anti-Money Laundering (AML) insights and estimates of exchanges’ Proof-of-Reserves. With this information, users will be able to obtain insights into each exchange’s AML/KYC standards and solvency.
“CoinGecko has been doing amazing work by offering transparent data about cryptocurrencies and exchanges with initiatives like ‘Trust Score’. At Coinfirm our aim is to partner with leading companies to apply and utilize our solutions in order to create a safer and more transparent crypto-economy for all stakeholders. The initiatives we’re about to take will provide a new door of insight into the actual state of the market and its participants while giving them new tools and incentives to provide even more transparency” said Pawel Kuskowski, Co-founder and CEO of Coinfirm.
With this partnership, a dedicated AMLT widget will also be made available on CoinGecko for visitors to report crypto addresses associated with scams and hacks. Users will be rewarded with AMLT tokens for sharing such information. By crowdsourcing this information, AMLT will democratically build the rich dataset of crypto addresses related to scams and hacks, thereby making it beneficial to other AMLT network members to check the risk profile of each address.
Coinfirm is a global leader in regulation software, solving compliance and transaction risk issues for blockchains and cryptocurrencies. With the largest market coverage, Coinfirm covers over 1200+ coins and protocols including BTC, ETH, ERC20 tokens, Dash, NEO, Hyperledger, LTC and recently integrated XRP. Coinfirm’s advanced technology uses over 200+ proprietary algorithms and risk evaluation scenarios executed in real-time across one of the largest structured blockchain databases in the world consistent of on-chain and off-chain data. Coinfirm’s AML solutions are used by over 130+ global clients ranging from crypto exchanges and payment processors to major financial institutions. For more information, visit https://www.coinfirm.com/
CoinGecko provides a 360-degree overview of the cryptocurrency market. In addition to tracking cryptocurrency price, volume and network value, CoinGecko also tracks fundamental data such as community growth, open-source code development, major events and on-chain metrics. CoinGecko’s objective is to elevate participants’ understanding of the fundamental factors that drive the market. Operating since early 2014, CoinGecko is one of the largest and earliest cryptocurrency data aggregators, tracking over 5,200 cryptocurrencies across 350 exchanges. For more information, visit https://www.coingecko.com.