CoinGecko Adds Cyber Security Ratings: CoinGecko has updated its Trust Points algorithm to consider cybersecurity standards for more than 400 cryptocurrencies listed on its platform.
As of July 1, 20% of the confidence in CoinGecko will be determined according to the cybersecurity rating presented by Hacken Safety Technology.
According to an announcement, CoinGecko will provide the algorithm update “a more comprehensive overview of cryptocurrency exchanges.”
A co-founder of CoinGecko Bobby Ong stated that the company “wanted to work closely with a cybersecurity company to integrate the degree of cybersecurity in electronic currency exchanges since [introducing] confidence points in May 2019, but CoinGecko has not managed to find a suitable partner to help us in this endeavor yet ”
Hacken Cybersecurity seeks to measure “the ability of the virtual currency exchange to maintain a safe operating environment for both the platform and its users”.
The score is exchanged from 1 to 10 based on the analysis of “user safety [and] server, the error of collective safeguards, as well as historical breaches”.
Crypto exchanges are the most sophisticated financial platforms
Ong mentioned that the integration came after several months of discussions between the two companies, and the partnership is also scheduled to see cooperation “to educate the crypto community on improving personal cybersecurity practices”.
Dyma Budorin, CEO of Hacken, has described cryptocurrency exchanges as one of the “most sophisticated financial platforms”, which has become “the primary targets of a growing hacker community”.
CoinGecko and expand derivatives metrics
“There are many other metrics that we are looking for for future algorithm updates of the algorithm confidence to make it more robust, comprehensive, and less likely to be manipulated to give a better reflection of overall health exchanges.”
Certainly, crypto investors want to keep their money from the risk of penetration and theft, so CoinGecko will try to improve the safety of exchanges to increase investment in this area.
Also plans CoinGecko to launch new measures to track derivatives market digital currencies this year.
Ong said: ( CoinGecko Adds Cyber Security Ratings )
“The cryptocurrency market is moving very quickly and we continue to monitor the trends in the market.”