Copy link
Increase text size
Decrease text size
Link copied

Coinbase-backed Nomics launches 'Transparent Volume' product for cryptocurrencies

Wed, 28 Aug 2019, 06:08 am UTC

Nomics, a Coinbase-backed crypto data, analysis, and aggregate service, rolled out a new product that aims to promote proper trading volume in the cryptocurrency sector.

Dubbed as “Transparent Volume,” the service determines how much of the publicized trades on cryptocurrency exchanges are actually real. Nomics said it can empower investors in real-time, as it tracks the amount of cryptos moving through an exchange.

Transparency volume represents the amount of volume deemed ‘trustworthy’ and high quality by Nomics. ‘Transparent Volume’ might just as well be called ‘Trustworthy Volume’,” Nomics stated.

As per a blog post, Nomics said that initiative follows after it found that opacity around exchange data is associated with fake volume, toxic activity, and wash trading. As such, the company believes that the new product will be advantageous for the sector as it will help properly track cryptocurrencies that go in and out of exchanges.

With a heavy influence from Bitwise, Nomic’s defines transparency as the availability of granular historical trading data.

Transparent volume represents the amount of volume deemed ‘trustworthy’ and high quality by Nomics. Specifically, transparent volume is the amount of volume for a given cryptoasset that’s moving through transparent exchanges (i.e. exchanges to which we’ve awarded an A+, A, or A- transparency rating,” the firm stated.

As per the criteria, Nomics revealed that only 17% ($1.96 billion worth) of the reported bitcoin volume is considered trustworthy, whereas 35% is deemed as “fair” to “poor” (combined $3.99 billion worth).

While transparent volume is highly correlated with upstanding exchange practices, we cannot guarantee that 100% of transparent volume is free of fake-volume,” Nomics said. “We can, however, guarantee that the volume is auditable, that high granularity data is available for this volume and subject to analysis and scrutiny.”

Speaking with CoinDesk, Nomics CEO and Co-Founder Clay Collins said that Transparent Volume offers an API service for institutional investors of all stripes.

Our transparent volume metric is intended to help institutions, state actors, and investors assess the percentage of reported trading volume for a given crypto asset that is auditable and transparent,” the release noted.

As previously reported, Nomics was among the 13 companies that received investments from Coinbase Ventures in the final quarter of 2018. The total number of portfolio companies of the investment arm of crypto exchange Coinbase has now grown to 26.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $37,877.00 (-3.80%)
  • Ethereum (eth) $2,343.97 (-4.06%)
  • Tether (usdt) $1.00 (+0.07%)
  • Binance Coin (bnb) $355.37 (-1.15%)
  • Cardano (ada) $1.49 (-2.92%)
  • Bitcoin (btc) $37,877.00 (-3.80%)
Jun 18, 2021 (Friday)
06:51
CRYPTOBANK’s CBANK Token To Be Listed On Hoo.com
02:30
Crypto Market Sentiment On Jun 18: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $553.46 Mln In Past 10 Hours
Jun 17, 2021 (Thursday)
20:12
BTC Surges by 1.05% Within 5 Mins, Marking 37,733.19 USDT
17:21
BTC Drops by 1.16% Within 5 Mins, Marking 37,834.09 USDT
09:41
TriumphX Publishes NFT In Partnership With Artist HANJUNGSUN
02:30
Crypto Market Sentiment On Jun 17: Market In "Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $233.17 Mln In Past 10 Hours
Jun 16, 2021 (Wednesday)
20:15
BTC Surges by 1.05% Within 5 Mins, Marking 38,856.33 USDT
18:01
BTC Drops by 1.21% Within 5 Mins, Marking 38,668.43 USDT
16:01
BTC Surges by 1.01% Within 5 Mins, Marking 38,805.42 USDT
13:25
BTC Surges by 1.03% Within 5 Mins, Marking 39,420.3 USDT
11:08
BTC Drops by 1.09% Within 5 Mins, Marking 39,300.01 USDT
07:53
NFTMart Inks An Agreement With FM Gallery
04:36
BTC Surges by 1.01% Within 5 Mins, Marking 40,330.4 USDT
03:35
TriumphX Dismantles Game Business Department Due To Stricter Regulations Of Game NFT Government
02:55
DeFi Options Protocol Asteria Reaches A Strategic Partnership With Crypto Investment Platform For Financial Institutions Diversifi
02:00
BTC Tops List Of Crypto Net Inflow With $111.76 Mln In Past 10 Hours
Jun 15, 2021 (Tuesday)
20:04
BTC Drops by 1.07% Within 5 Mins, Marking 39,539.91 USDT
19:26
BTC Drops by 1.57% Within 5 Mins, Marking 39,913.74 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft