CoinGecko Adds Crypto Exchanges’ Cybersecurity Ratings to Trust Score
Crypto data platform CoinGecko has partnered with cybersecurity firm Hacken to incorporate the security of crypto exchanges into its Trust Score metric.
From July 1, 20% of CoinGeckoâ€™s Trust Score will be determined according to a cybersecurity rating provided by security technology company Hacken.Â
According to an announcement, the algorithm update will provide â€œa more holistic overview of cryptocurrency exchanges.â€�
Speaking to Cointelegraph, CoinGecko co-founder and COO Bobby Ong stated that the firm has â€œwanted to work closely with a cybersecurity company to incorporate exchanges’ cybersecurity score since [introducing] Trust Score in May 2019,â€� but that CoinGecko â€œdid not manage to find any suitable partner to help us with this endeavor until now.â€�
CoinGecko scores exchanges on security
Hackenâ€™s cybersecurity score seeks to measure â€œthe ability of an exchange to maintain a secure operating environment for both the platform and its users.â€�
The score grades exchanges from one to 10 based on analysis of â€œserver [and] user security, bug bounty of crowdsourced preventive measures, as well as historical hack cases.â€�
Ong stated that the integration followed several months of discussions between the two firms, with the partnership also slated to see collaboration to â€œeducate the crypto community on improving personal cybersecurity practices.â€�
Dyma Budorin, CEO of Hacken, described cryptocurrency exchanges as among â€œthe most complex and financial platforms,â€� that have become the â€œmain targets of the growing black hat hackers community.”
CoinGecko to expand derivatives metrics
Ong noted that CoinGecko plans to further develop its Trust Score over 2020, stating, â€œThere 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.â€�
CoinGecko also plans to launch new metrics tracking the crypto derivatives market this year.
â€œThe crypto market is moving really fast and we are constantly on the ground observing trends in the market,â€� said Ong.
Powered by WPeMatico