The cryptocurrency data platform GoinGecko recently partnered with the cybersecurity firm Hacken in order to incorporate exchange cybersecurity ratings as part of its Trust Score metric. The crypto news show that the market data aggregator updated its Trust Score algorithm to consider the cybersecurity standards of more than 400 cryptocurrency exchanges on its platform.
In that manner, from July 1st, 20% of the CoinGecko Trust Score for each exchange will be determined according to this cybersecurity rating that would be provided by the security technology company Hacken.
An announcement also shows that the algorithm update will provide “a more holistic overview of cryptocurrency exchanges.” The co-founder and COO at CoinGecko, Bobby Ong, spoke to the Bitcoin news media recently and said that the exchange cybersecurity ratings have been a plan for some time now. He said:
“[…] Since [introducing] Trust Score in May 2019, we not manage to find any suitable partner to help us with this endeavor until now.”
Meanwhile, the Hacken cybersecurity score seeks to measure “the ability of an exchange to maintain a secure operating environment for both the platform and its users.” This score also grades exchanges from one to 10 based on the analysis of “server [and] user security, bug bounty of crowdsourced preventive measures, as well as historical hack cases.”
Ong noted that this integration followed several months of discussions between the two firms. The partnership also slated to see some collaboration in order to “educate the crypto community on improving personal cybersecurity practices.”
As it stands, the exchange cybersecurity ratings were also confirmed by Dyma Budorin, the CEO of Hacken, who described crypto exchanges as among “the most complex and financial platforms which have become the main targets of the growing black hat hackers community.”
Ong also noted that CoinGecko plans to improve and further develop this Trust Score in 2020, noting:
“There are several other metrics which we are researching for future Trust Score algorithm updates to make it more robust, holistic, and less prone to manipulation to give a better reflection of exchanges’ overall health.”
CoinGecko plans to launch new metrics tracking the crypto derivatives market, too. As Ong stated, the crypto market “is moving really fast and we are constantly on the look observing new trends on the market.”
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