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) $9,610.93 (-2.72%)
  • Ethereum (ETH) $262.79 (-3.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $371.04 (-6.43%)
  • Bitcoin SV (BSV) $273.69 (-5.97%)
  • Bitcoin (BTC) $9,610.93 (-2.72%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft