Coin market ranking chart application, CoinGecko joins forces with blockchain-based financial ecosystem and global leader in regtech for digital assets, Coinfirm. As per the claims made, two things will arise from this partnership:
- bettering the former’s exchange, i.e. Trust Score Algorithm
- ensuring that users are given the necessary tools to report scams and hacks.
The latter is deemed possible with the help of Coinfirm’s AMLT network and platform, which as per the firm’s guide is described as:
“The first of its kind system where users can report nefarious cryptocurrency addresses related to ransomware, hacks, scams and other fraud, plus also receive protection from further actions by bad players.”
Simply put, said information will be provided to Coinfirm, who will then implement it to its AML platform and block any suspicious users and funds. This system has been created for not only crypto exchanges but also payment processors, wallets, data mining pools, crypto funds and crypto users to name a fraction.
As for how the duo’s partnership will help with the Trust Score Algorithm, CoinGecko plans to make use of Coinfirm’s AMLT Token Network, and its Analytics and AML Platform to strengthen its ranking abilities.
Co-Founder of CoinGecko, Bobby Ong has since expressed that transparency is a vital aspect to the crypto space and, with Coinfirm’s AMLT Network and data, this can be fortified. Furthermore, Ong said:
“Our users will be better able to make judgements on exchanges while also helping provide data to bring even more transparency and security. With this initiative, we hope exchanges will continue improving their practices to ensure a safe trading experience for all users.”