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CoinMarketCap Data Accountability and Transparency Alliance

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CoinMarketCap

Cryptocurrency-price tracker CoinMarketCap has issued a post urging exchanges to provide mandatory data by June, or else they will be removed from its calculations.

The crypto-data source celebrates its 6th birthday today and announced a list of “major initiatives” as part of its celebrations.

CoinMarketCap: Data Accountability and Transparency Alliance

The site listed five major initiatives that it has been working on for months. They are as follows:

  1. Data Accountability & Transparency Alliance
  2. Block Explorers
  3. Shop
  4. API Revised Plans
  5. Mobile Apps

The first initiative—Data Accountability and Transparency Alliance—is the most eye-catching as it aims to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”

CoinMarketCap’s alliance requires all the crypto exchanges to give up more data, or more precisely, “mandatory API data” including live trading data and live order book data.

The post goes on to say that this data will help it to determine “liquidity, order book depth, spreads, and other meaningful measures. With these additional data points, users will be better able to contextualize the pricing and volume being reported on the site and API.”

If an exchange does not provide the mandatory data, however, it will be excluded “from all price and adjusted volume calculations on the site.”

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The changes will go into effect on June 14th.

According to Cointelegraph, a number of exchanges have already joined CoinMarketCap’s alliance. These include Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex.

Controversy

Back in March, CoinMarketCap was lauded for hosting unregulated exchanges on its site. Bitwise Asset Management released research purporting that 95% of the volume on unregulated exchanges is most likely fake. Following the report, the site officially announced plans to alter its listings.

CoinMarketCap is the leading source of data about all digital currencies listed in the cryptocurrency sphere.

Featured Image: DepositPhotos © Grey82

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