Blockchain research and analysis firm Cointelligence has announced the launch of a new cryptocurrency exchange rating system.
As mentioned in the press release, the rating system will consider four key aspects of exchanges – accessibility and usability, financial benefit, team, and risk involved – to deduce its score.
Though many firms are rating initial coin offerings (ICOs), only a few are doing the same for the cryptocurrency exchanges. And in a time when even major cryptocurrency exchanges are susceptible to attacks, this rating system might attract a wide audience as it will review security protocol, insurance, and even the qualification of the team.
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Cointelligence also promises that the rating system will be “impartial and accurate” and the identity of the review team will be kept anonymous.
“By keeping their review board anonymous, they prevent bribes or other forms of corruption and harassment that plague other rating sites. It will be possible to check if an exchange is safe and reliable with the certainty that only actual/factual improvement of the exchange itself can change the rating,” Cointelligence noted.
Rating Services is Booming
This is not the first rating system of Cointelligence as the firm already provides a similar service for ICOs and security token offerings (STOs).
Commenting on this development, On Yavin, the firm’s founder and CEO, said: “We looked around the industry and we didn’t see anyone really doing this. Given the number of hacks and exit scams the exchange industry has seen, we felt this was an important tool to protect the community.”