CoinGecko Adds Crypto Exchanges' Cybersecurity Ratings to Trust Score
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 determined according to a cybersecurity rating provided by security technology company Hacken.
According to an announcement, the algorithm update will provide “a more holistic overview of cryptocurrency exchanges.”
Speaking to Cointelegraph, CoinGecko co-founder and COO Bobby Ong stated that the firm has “wanted to work closely with a cybersecurity company to incorporate exchanges' cybersecurity score since [introducing] Trust Score in May 2019,” but that CoinGecko “did not manage to find any suitable partner to help us with this endeavor until now.”
CoinGecko scores exchanges 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 followed several months of discussions between the two firms, with the partnership also slated to see collaboration to “educate the crypto community on improving personal cybersecurity practices.”
Dyma Budorin, CEO of Hacken, described 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 noted that CoinGecko plans to further develop 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 launch new metrics tracking the crypto derivatives market this year.
“The crypto market is moving really fast and we are constantly on the ground observing trends in the market,” said Ong.