CoinGecko and Coinfirm will better highlight exchange activity and security while giving users the ability to report scams, hacks, and fraud into the AMLT Network.
As a part of the collaboration, CoinGecko intends to make use of Coinfirm’s Analytics & AML Platform and their AMLT Token Network to enhance its algorithm in calculating exchanges’ Trust Score. Trust Score is an algorithm used by CoinGecko to sort exchanges by real liquidity. This is a needed initiative as many exchanges are found to be fabricating their reported trading volume and Trust Score is used to increase transparency on the exchanges’ real liquidity.
Bobby Ong, co-founder of CoinGecko stated, “We are excited to join Coinfirm’s AMLT Network and make use of the dataset available to provide a richer browsing experience to our users. We believe that transparency is key in this industry and hope that by using the AMLT Network’s and Coinfirm’s data, our users will be better able to make judgements on exchanges while also helping provide data to bring even more transparency and security. With this initiative, we hope exchanges will continue improving their practices to ensure a safe trading experience for all users.”
CoinGecko will utilize the AMLT Token Network’s data to display exchanges’ Know-Your-Customer (KYC) and Anti-Money Laundering (AML) insights and estimates of exchanges’ Proof-of-Reserves. With this information, users will be able to obtain insights into each exchange’s AML/KYC standards and solvency.
“CoinGecko has been doing amazing work by offering transparent data about cryptocurrencies and exchanges with initiatives like ‘Trust Score’. At Coinfirm our aim is to partner with leading companies to apply and utilize our solutions in order to create a safer and more transparent crypto-economy for all stakeholders. The initiatives we’re about to take will provide a new door of insight into the actual state of the market and its participants while giving them new tools and incentives to provide even more transparency” said Pawel Kuskowski, Co-founder and CEO of Coinfirm.
With this partnership, a dedicated AMLT widget will also be made available on CoinGecko for visitors to report crypto addresses associated with scams and hacks. Users will be rewarded with AMLT tokens for sharing such information. By crowdsourcing this information, AMLT will democratically build the rich dataset of crypto addresses related to scams and hacks, thereby making it beneficial to other AMLT network members to check the risk profile of each address.
Coinfirm is a global leader in regulation software, solving compliance and transaction risk issues for blockchains and cryptocurrencies. With the largest market coverage, Coinfirm covers over 1200+ coins and protocols including BTC, ETH, ERC20 tokens, Dash, NEO, Hyperledger, LTC and recently integrated XRP. Coinfirm’s advanced technology uses over 200+ proprietary algorithms and risk evaluation scenarios executed in real-time across one of the largest structured blockchain databases in the world consistent of on-chain and off-chain data. Coinfirm’s AML solutions are used by over 130+ global clients ranging from crypto exchanges and payment processors to major financial institutions.
CoinGecko provides a 360-degree overview of the cryptocurrency market. In addition to tracking cryptocurrency price, volume and network value, CoinGecko also tracks fundamental data such as community growth, open-source code development, major events and on-chain metrics. CoinGecko’s objective is to elevate participants’ understanding of the fundamental factors that drive the market. Operating since early 2014, CoinGecko is one of the largest and earliest cryptocurrency data aggregators, tracking over 5,200 cryptocurrencies across 350 exchanges.