New DATA Accountability & Transparency Alliance by CoinMarketCap to Promote Exchange Ethics
The cryptocurrency data site CoinMarketCap announced that it is working with other exchange in order to improve the information provided on its site. CoinMarketCap is used by investors and crypto enthusiasts to have clear information about virtual currencies and crypto exchanges.
CoinMarketCap Works With Crypto Exchanges
There have been several accusations of fake numbers among virtual currency exchanges in the industry. Some of them have been performing wash trading that inflates their volumes, which is something that attracts new users. This is why CoinMarketCap wants to build a new alliance called the Data Accountability & Transparency Alliance (DATA), that will be discussing how to tackle concerns over crypto data reporting.
The alliance includes members such as Bittrex, Binance, OKEx, Huobi, Liquid, KuCoin hitBTC, OceanEx, and many others. They will be providing suggestions about how to improve the market and boost transparency.
CoinMarketCap informed that all the exchanges listed on the platform have to provide live trading data and live orderbook data. Moreover, those exchanges that fail to do so in the next 45 days will be removed from the platform’s adjusted volume calculations.
Just a few months ago, the cryptocurrency fund provider Bitwise Asset Management informed that 95 percent of all the Bitcoin trading volume is fake. There are several platforms that have been affected by traders that perform these activities to be able to have a profit from low volume.
CoinMarketCap founder, Brandon Chez, commented:
“We recognize the need for evolving with the times, and want to continue… providing transparency and discovery for the long-tail of crypto assets.”
CoinMarketCap is also one of the most visited sites around the world according to Alexa.