Leading crypto data aggregator CoinGecko today updated its security metric to incorporate the Hacken’s Cybersecurity Score. As a result of the update, Binance has emerged as the number one exchange according to CoinGecko’s Trust Score. This is followed by Coinbase and Kraken as the exchanges with the second and third highest scores.
Trust Score is an algorithm that takes into account all key features that any fully functioning cryptocurrency exchange should have. This includes liquidity, trading activity, scale, and technical expertise. In an official announcement of the update with Hacken’s Cybersecurity Score, CoinGecko said it is constantly looking for ways to improve the ratings and hence the need to incorporate the rating.
“We won’t stop being transparent about our methodologies, and that means we will need to continue to be one step ahead in our quest to bring actionable insights when it comes to exchange market data…Today we’re proud to announce that we have found the right partner – Hacken, to work on this initiative together to increase user awareness on the need for exchanges to improve their cybersecurity practices.”
Hacken is an Estonian-based Cybersecurity firm that tracks exchanges’ cybersecurity practices. The firm has been in operation for two years and its methods are now being adopted by CoinGecko to improve its ratings. The current evaluation took into consideration the security of exchanges, users’ accounts, and hack histories as well as the availability of bounty programs to discover and handle vulnerabilities responsibly.
As the cryptocurrency industry and particularly exchanges have been faced with several attacks, there is the need for constant monitoring to ensure that such attacks are prevented or their effects are minimized. CoinGecko’s Trust Score was introduced mainly to remind exchanges of the need for such awareness in order to protect its users. This has separated the ranking based on reported volume and Trust Score.
Going forward, the platform intends to continue to provide transparency in the cryptocurrency space through collaborative work with the crypto community to make the space safer. They are also open to suggestions from the public on how to further improve their services.
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