New CoinMarketCap Initiative Sees Binance & Bitfinex Join To Improve Market Data

In the latest cryptocurrency news, we are reporting about the leader and the most visited data provider for cryptocurrencies, CoinMarketCap, for a new initiative which aims at improving market data as we know it. The new CoinMarketCap initiative has seen partnerships from Binance and Bitfinex, showing that it is a new venture that couples industry companies seeking to promote “greater transparency, accountability, and disclosure” from every company in the crypto space.

The project is named “Data Accountability & Transparency Alliance” (DATA) and represents a consortium of industry leaders. As the official statement issued on the day of the site’s sixth birthday shows, the new CoinMarketCap initiative intends to gain more data points and empower its users to “make more informed decisions” as well as “give projects a platform where they could differentiate themselves from the non-transparent pack through enhanced discourses.”

As the new CoinMarketCap initiative explains this on its official site:

“The overarching objectives of DATA are to: 1) Review, align, and enhance reporting standards across the industry. 2) Identify gaps, propose strategies and measures to enhance data accountability and transparency.”

Binance, Bittrex, OKEx and Bitfinex are among the first industry partners joining the new CoinMarketCap initiative and the coming altcoin news that are likely to emerge from it. More of such names are expected to join with time. As the site notes, partners will be responsible for suggesting updates to DATA’s transparency policy and evaluating the state of cryptocurrency data, as well as funding transparency initiatives and harmonizing exchange API standards.

In this manner, the new CoinMarketCap initiative aims to mandate “all exchanges” listed on the data aggregator and thereby broaden the flow of information by providing live trading as well as other book data. If all goes well, DATA intends to provide CoinMarketCap with “enhanced data and metrics” such as wallet information, historical trade data, team information, developed activities and so on and so forth.

Aside from all this, the new CoinMarketCap initiative was reported on many best cryptocurrency news sites as one that would give the US Securities and Exchange Commission (SEC) a reason to finally approve a Bitcoin exchange traded fund (ETF). On top of that, it is definitely a healthy sign that takes legitimate trading activity into account.