CoinGecko and its Trust Score Algorithm

There are numerous cryptocurrency exchanges around the world. Some of them are famous while others are less popular. However, when it comes to cryptocurrency exchanges it is important to have look at their cybersecurity standards. Some people who are not familiar with exchanges may find it hard to learn more about the exchanges. However, thanks to cryptocurrency market data aggregator CoinGecko, customers have the opportunity to learn more about the cybersecurity standards. Interestingly, it is possible to find the information about the more than 400 cryptocurrency exchanges listed on its platform.

It is worth mentioning that, CoinGecko updated its Trust Score algorithm to consider the cybersecurity standards of the exchanges. As a result, starting from this month, 20% of the algorithm will be determined according to a cybersecurity rating provided by the security technology company Hacken.

CoinGecko and cryptocurrency exchanges

The updated algorithm will provide a more comprehensive overview of cryptocurrency exchanges. CoinGecko wanted to work with a cybersecurity company, as the company wanted to include cybersecurity score since introducing Trust Score last year. Nevertheless, the company was unable to find any suitable partner.

People should take into account that, Hacken’s cybersecurity score seeks to measure the ability of exchange when it comes to maintaining a secure environment for the platform as well as for its customers.

The score is based on several factors such as server and user security, historical hack cases as well as bug bounty of crowdsourced preventive measures. Notably, the score grades each exchange from 1 to 10 after taking into consideration all factors.

This is not the end of the story as CoinGecko plans to further develop its Trust Score in 2020. It is gathering information about several other metrics.

Cryptocurrency market data aggregator CoinGecko plans to include new metrics in the future Trust Score algorithm updates. Moreover, the company also plans to launch new metrics tracking the crypto derivatives market in 2020.