Renowned crypto market data aggregator CoinGecko has updated its Trust Score algorithm to benchmark the cybersecurity standards of the over 400 cryptocurrency exchanges listed on its platform.
From 1st July, 20% of CoinGecko’s Trust Score will be determined consistent with a cybersecurity rating offered by security technology company Hacken.
In line with the announcement, the algorithm update will offer “a more holistic overview of crypto exchanges.”
The co-founder and COO of CoinGecko, Bobby Ong, added that the firm has “wanted to figure closely with a cybersecurity company to include exchanges’ cybersecurity score since [introducing] Trust Score earlier in the month of May 2019,” but that CoinGecko “did not manage to seek out any suitable partner to assist us with this endeavor so far .”
Grading 400 Cryptocurrency Exchanges On Security
Hacken’s cybersecurity score seeks to measure “the ability of an exchange to take care of a secure operating environment for both the platform and its users.”
The score grades exchanges from 1 to 10 supported by analysis of “server and user security, bug bounty of crowdsourced preventive measures, along with the historical hack cases.”
Ong stated that the integration followed several months of discussions between the two firms, with the collaboration also slated to ascertain partnership to “educate & aware the cryptocurrency community on improving private cybersecurity practices.”
Dyma Budorin, CEO of Hacken, outlined cryptocurrency exchanges as among “the most complex and financial platforms,” that has became the “main targets of the growing black hat hackers community.”
Expanding Derivatives Metrics In Future
Ong added that CoinGecko plans to further develop its Trust Score over 2020, adding that, “There are several other metrics that we are researching for future Trust Score algorithm updates to form it more robust, holistic, and less susceptible to manipulation to offer a far better reflection of exchanges’ overall health.”
CoinGecko also plans to soon launch its new metrics tracking the cryptocurrency derivatives market this year. Adding further, Ong added:
“The crypto market is changing really fast and we are constantly on the bottom observing trends within the market.”