Crypto data platform CoinGecko has partnered with cybersecurity firm Hacken to incorporate the security of crypto exchanges into its Trust Score metric.
Cryptocurrency market data aggregator CoinGecko has updated its Trust Score algorithm to consider the cybersecurity standards of the more than 400 cryptocurrency exchanges listed on its platform.
From July 1, 20% of CoinGecko’s Trust Score will be assumed according to a cybersecurity mark given by security technology company Hacken.
According to a declaration, the algorithm update will provide “a more holistic overview of cryptocurrency exchanges.”
CoinGecko achieves exchange on security
Hacken’s cybersecurity score seeks to measure “the ability of an exchange to maintain a secure operating environment for both the platform and its users.”
The score grades exchanges from one to 10 based on analysis of “server [and] user security, bug bounty of crowdsourced preventive measures, as well as historical hack cases.”
Ong stated that the integration attended various months of conversations between the two firms, with the cooperation also slated to see collaboration to “educate the crypto community on improving personal cybersecurity practices.”
Dyma Budorin, CEO of Hacken, interpreted cryptocurrency exchanges as among “the most complex and financial platforms,” that have become the “main targets of the growing black hat hackers community.”
CoinGecko to expand derivatives metrics
Ong reported that CoinGecko plans to further formulate its Trust Score over 2020, stating, “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 also plans to undertake new metrics tracking the crypto derivatives market this year.
Ong stated “The crypto market is moving really fast and we are constantly on the ground observing trends in the market,”