In an initiative aimed to make price data more transparent, cryptocurrency information provider, CoinMarketCap is collaborating with major exchanges. Issues arising from price data integrity lead to CoinMarketCap forming an alliance.
It was announced by CoinMarketCap on Wednesday, that the new alliance, dubbed: the Data Accountability & Transparency Alliance (DATA), will discuss solutions to address the concerns that currently reside over cryptocurrency data reporting. Also, there is a biannual roundtable event. CoinMarketCap will lead this. Other notable members of the alliance include the cryptocurrency exchanges: Binance, Bittrex, OKEx, Huobi, Liquid, Upbit, KuCoin, HitBTC Gate.io, OceanEx and Bitfinex. Collectively, they will provide “in-depth suggestions” on how to boost transparency at the aforementioned event.
The mandate set for all the exchanges listed on CoinMarketCap’s platform is that they must provide live trading data and live orderbook data. They will remove from the platform’s adjusted volume calculations should they fail to do so within 45 days.
Cryptocurrency index fund provider made a claim. Bitwise Asset Management last month, that 95 percent of all reported bitcoin trading volume is falsified. However, the claim went on to say that there are only 10 different exchanges. Where the true spot market for bitcoin essentially exists.
At the time, CoinMarketCap’s data indicated that the average daily volume is roughly $6 billion for bitcoin market’s. Bitwise contested this, which said that the actual average daily bitcoin trading volume was more like $273 million.
Brandon Chez, CoinMarketCap founder, said:
“We recognize the need for evolving with the times, and want to continue … providing transparency and discovery for the long-tail of crypto assets”.
In order to help new users better understand how to interact with blockchains, CoinMarketCap has launched its own block explorers for the bitcoin and ethereum networks.
CoinMarketCap’s Apple iOS product revamped earlier this month, to include new features, such as portfolio tracking and candlestick charts. In addition, the company also launched its first Android app.