CoinGecko partners with Hacken to employ cybersecurity for crypto exchanges.
Crypto cybersecurity exchange of CoinGecko, a crypto market data aggregator, has updated their Trust Score algorithm. They aim to cater to more security measures for crypto exchanges. The system’s algorithm is considering the security measures of more than 400 cryptocurrency exchanges on their platform.
As of July 1, Hacken, a security technology company, will determine 20% of the cybersecurity rating of the CoinGecko’s Trust Score.
In an announcement, the algorithm update aims to provide a more holistic review of the cryptocurrency exchanges.
COO Bobby Ong, the co-founder of CoinGecko, states that since May 2019, they have been looking for options since Trust Score was introduced. Furthermore, they have been wanting to work closely and incorporate cybersecurity measures. However, CoinGecko did not succeed in finding a more compatible cybersecurity company, until Hacken. Hacken has been assisting them with their efforts.
CoinGecko scores in Crypto Cybersecurity Exchanges
The cybersecurity scores of Hacken seeks to measure the exchange capacity of a platform to maintain a secure operating environment for its users.
Based on the analysis between the server and user security, crowdsourced preventive measures, and historical hack cases; the score grade exchanges is between 1 to 10.
Furthermore, Bobby Ong states the integration following the discussion of the two firms. The collaboration of Hacken and CoinGecko aims to educate the crypto community with regards to practicing and improving personal cybersecurity measures.
The CEO of Hacken, Dyma Budorin, describes crypto exchanges as a most complex financial platform. Moreover, it has become the main target of cybercriminals.
Expands Derivative Metrics
Bobby Ong notes that they are planning to further expand and develop the Trust Score of CoinGecko in 2020. He states that they are looking for several other metrics. Thus, they are doing research to further the future algorithm of the Trust Score. The crypto cybersecurity exchange of CoinGecko aims to be more holistic, robust, and at lesser risk to manipulations. It is to have a better overview of the overall metrics of the exchanges.
Moreover, CoinGecko is planning to launch their new metrics that track the crypto derivates market this year.
Ong states how the cryptocurrency market is moving fast and they are constantly seeking the trends occurring in the market.