Bitso Adds Kaiko, a xRapid Partner For Ripple to Discern “Fake Volume” from Real Activity
Kaiko Added As xRapid Partner For Ripple To Discern Between “Fake Volume” And Real Activity
With all of the rumors about false activity in the crypto marketplace, Ripple’s network wants to ensure that consumers have no doubt about where they stand. Bitso, which is affiliated with Ripple, has already been added to Kaiko in this effort. Kaiko is known for its institutional-grade market data provided within the crypto industry.
Two days ago, Kaiko announced the addition of 17 more cryptocurrency exchanges to the platform. According to reports from Ethereum World News, the added exchanges include:
- Binance DEX
With the new additions, Kaiko is able to handle 49 cryptocurrency exchanges with their services, though they are still adding more by the week. With the annoucement, the team added that investors should read their current product update to learn more about the exchanges. They have also expressed that they aim to “provide a complete 360° overview of the digital assets market,” which is the point of adding more exchanges.
Much of the concern around fake volumes stems from a report that was submitted to the US Securities and Exchange Commission (SEC) by Bitwise Asset Management. The report revealed that about 95% of the daily volume reported in the industry is false. While CoinMarketCap shows the Bitcoin has about $6 billion in daily trading volume, Bitwise suggests that the number is actually more like $273 million. The data from Bitwise includes information from 81 separate cryptocurrency exchanges to get as much detail as possible about the trading volume for Bitcoin. This information was then compared to the traffic being reported.
During this report, Kaiko provided some of the information tweeting that they were “happy” to be involved with this report.
— Kaiko (@KaikoData) March 25, 2019
Even with the information provided, CoinMarketCap is continuing to report increasingly high volumes. Presently, BTC’s daily trading volume is _____, based on data from CoinMarketCap. However, if the information that Bitwise has provided is accurate, it may be necessary for investors to find the true numbers by looking outside of the platform.
Last year, Ripple announced their partnership with Bitso, using them as the preferred crypto exchange for their xRapid transactions. Specifically, the platform was added as a way to move transactions that involve the Mexican Peso.
Ripple has continued to form affiliations through the years, aiming to continue their reputation of honest and high-quality services to investors.