Cryptocurrency market data aggregator CoinGecko has updated its trust metric for exchanges, with Binance keeping its top slot in the rankings.
- The Singapore-based crypto firm said in a blog post Wednesday its new cybersecurity metric now forms 20% of its Trust Score for trading platforms.
- The Trust Score combines an exchange's liquidity, web traffic, scale of operations, and now cybersecurity, together with its trading volume.
- The cybersecurity metric comes from Ukrainian security group Hacken. CEO Dyma Budorin said a growing number of "black hat hackers" targeted crypto exchanges.
- The top five exchanges as ranked by the firm's algorithm are now: Binance, Coinbase Pro, Bithumb, Kraken and Bitstamp.
- CoinGecko first released its Trust Score in May 2019 and Binance has long ranked first. The new metric keeps it in pole position.
- CoinGecko COO, Bobby Ong told CoinDesk: "Binance was ranked first as it had the largest liquidity in many of the trading pairs amongst all the exchanges. Binance scores relatively well in this measure as well thus keeping its top position."
- Rival crypto market data site CoinMarketCap was accused of bias earlier this year after it gave its new owner Binance a perfect score under its new exchange ranking system.
- CoinGecko will add additional metrics to its Trust Score, Ong said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.