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Blockchain-Driven Firm Messari Adds New Exchange Index To Limit Its Default Volume Calculations

BFSI News

Blockchain-Driven_Firm-Messari-Adds-New-Exchange-Index-To-Limit-Its-Default-Volume-Calculations Blockchain-Driven Firm Messari Adds New Exchange Index To Limit Its Default Volume CalculationsMessari, a developer of free, global, and open-source data library for Crypto asset projects, has reportedly added a new index for 10 Cryptocurrency exchanges. Headquartered in New York, the Cryptocurrency analytics firm introduced a new product, named Real 10 Volumes, on its OnChainFX dashboard to limit its default volume calculations to the chosen exchanges. The company’s Real 10 trading platforms comprise Binance, Bitfinex, Bitstamp, Bittrex, Bitflyer, Coinbase Pro, Gemini, itBit, Kraken, and Poloniex.

In a statement, Messari stated that the aforementioned exchanges reported significant and legitimate trading volumes via their APIs (Application Programming Interface. Additionally, the company noted that it will add other exchanges, adding clean book data to their data feeds, in the coming months. Messari’s attention to significant and legitimate volumes follows a report from major Cryptocurrency index fund provider Bitwise Asset Management, which stated that 95 percent of volume on unregulated exchanges appears to be fake or non-economic in nature. The report further noted that under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading. In this regard, a separate report from The Tie came to similar conclusions, which found that almost 90 percent of Cryptocurrency exchanges’ reported trade volumes may be incorrect. In addition, The Tie stated that 87 percent of the analyzed trading platforms’ reported trading volume was potentially suspicious.

Following the Bitwise’s report, CoinMarketCap, a Cryptocurrency market data resource, reportedly promised to recalculate how it ranks member exchanges. In a statement, CoinMarketCap Executives noted that we are listening to all our users’ feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site. Coming to Messari announcement, its mission is to foster transparency in the crypto asset community by offering an open-source library to assist seem sensible of the industry.