CoinGecko, the leading cryptocurrency data aggregator, updated its security metric to incorporate Hacken's cybersecurity score. As a result of the update, Binance is It has become the number one exchange based on the CoinGecko trust score. This is followed by Coinbase and Kraken such as exchanges with the second and third highest scores.
Trust Score is an algorithm that takes into account all the key characteristics that any fully functioning cryptocurrency exchange must have. This includes liquidity, trading activity, scale, and technical expertise. In a official announcement Of the update with Hacken's Cyber Security Score, CoinGecko said that he is constantly looking for ways to improve the ratings and therefore the need to incorporate the rating.
"We will not fail to be transparent about our methodologies, and that means that we will have to take a step forward in our search to provide practical information when exchanging market data … Today we are proud to announce that we have found the right partner, Hacken , to work together on this initiative to increase user awareness of the need for exchanges to improve their cyber security practices. ”
Hacken is an Estonian-based cybersecurity company that tracks the cybersecurity practices of exchanges. The company has been in operation for two years and CoinGecko is adopting its methods to improve its ratings. The current assessment took into account the security of exchanges, user accounts, and hacking histories, as well as the availability of rewards programs to responsibly discover and manage vulnerabilities.
As the cryptocurrency industry, and in particular exchanges have faced various attacks, there is a need for constant monitoring to ensure that such attacks are avoided or their effects are minimized. The CoinGecko trust score was introduced primarily to remind exchanges of the need for such awareness to protect their users. This has separated the classification according to the reported volume and the confidence score.
Going forward, the platform intends to continue to provide transparency in the cryptocurrency space through collaborative work with the cryptocurrency community to make the space more secure. They are also open to suggestions from the public on how to further improve their services.