Simetri is an institutional-grade product that has been designed to ensure transparency and verifiable order book data from cryptocurrency exchanges, along with providing in-depth fundamental analysis and unbiased insights into crypto projects. The product will be embedded in cryptocurrency profiles on CoinMarketCap’s site.
Basically, Simetri will assess fundamental elements of projects such as their technology ecosystem, development, utility, support, and various other factors that determine a projects’ healthy and sustainable project. The global head of marketing at CoinMarketCap, Carylyne Chan, explained:
“The combination of SIMETRI and CoinMarketCap’s DATA initiative represents a positive trajectory for the standardization of crypto data. Data standardization is a key factor in ensuring we can have greater visibility into data on an ongoing basis. Trusted data sources are a cornerstone of traditional financial markets — and as cryptocurrency matures, it needs and deserves these sources.”
In May, a report from Bitwise a cryptocurrency index fund provider claimed that CMC hosts almost entirely fake volume statistics. These fake volumes deceive investors and inflate the profile of affected coins, as explained in the report. Following which, CoinMarketCap urged crypto exchanges to disclose accurate data in a move to improve the transparency of information available on the platform.
The platform gave an ultimatum to all the listed exchanges, threatening them to delist from the platform if they failed to provide accurate trading, volume, and other relevant data. As per a dedicated analysis from Cointelegraph, 70% of crypto exchanges have reported the information required to comply with the DATA initiative.
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