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CoinMarketCap Data Accountability and Transparency Alliance has already been joined by Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex.
CoinMarketCap, a well-known provider of data on digital currencies and tracker of crypto-prices, is celebrating its 6th anniversary and in this regard, some initiatives have been announced. They include a new Data Accountability and Transparency Alliance (DATA), CoinMarketCap Block Explorers, CoinMarketCap Shop, CoinMarketCap API Revised Plans, and CoinMarketCap Mobile Apps. Moreover, CoinMarketCap is changing its listing policy, making it stricter.
Data Accountability and Transparency Alliance
As CoinMarketCap’s blog post reads, the alliance aims to promote greater transparency, accountability, and disclosure from projects in the crypto space. As a part of the initiative, CoinMarketCap requires that all exchanges listed on its platform must provide live trading data and live order book data. If an exchange does not provide this mandatory data, it will be removed from the platform’s adjusted volume calculations.
There is a 45-day grace period for all exchanges to send the data, as changes will go into effect on June 14, 2019.
According to the announcement, a number of exchanges have already joined the Data Accountability and Transparency Alliance. Among them are Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex. In the future, CoinMarketCap is expecting to have more partners.
Further CoinMarketCap Steps To Make Crypto Data More Transparent
Another initiative is a brand new block explorer launched to provide information on Bitcoin and Ethereum blockchains and ‘lower the barrier to entry for understanding how to view and interact with the blockchain’.
“You will find with these explorers that the focus is on explaining terms that regular explorers use, to help users understand how to interact and understand the blockchain better. We hope that these explorers will be the gateway to a deeper appreciation and knowledge into blockchains for a bigger audience.”
In April, CoinMarketCap released their first Android app and upgraded their Apple iOS product. Now users have access to features which are not available even on the main site yet. The features include candlestick charts, portfolio, side-by-side crypto comparison, price alerts, news, logins, and more.
— CoinMarketCap (@CoinMarketCap) April 26, 2019
Moreover, CoinMarketCap has lowered its Crypto API price from $33 to $29 per month.
Previous Controversy On Traded Volume
The decision to make the listing policy of CoinMarketCap stricter results from the research conducted by Bitwise Asset Management in March. While CoinMarketCap was praised for providing data about unregulated exchanges and showed approximately $6 billion per day in Bitcoin trading volume, crypto index fund provider Bitwise Asset Management reported that 95% of the volume on unregulated exchanges was likely to be fake.
At that time Bitwise also said that futures aside, the true spot market for Bitcoin essentially exists on 10 different exchanges conducting nearly $300 million in daily trading volume.
In response, CoinMarketCap stated that concerns over inaccuracies were true and that it would be adding more data for its users to make better decisions. Carylyne Chan, global head of marketing at the site, said then that they were planning to include liquidity measures, hot and cold wallet balances and traffic data for listed exchanges.
Later, we reported that CoinMarketCap CTO Mauvis Ledford criticized the Bitwise’s report, stating that the research did not state any formal methodology to independently rate an exchange by third parties. However, CoinMarketCap decided to alter its listings, and the announcements made by the company seem to be their protection measures against fake data.