To provide more comprehensive business data and ensure adequate coin listing, three major South Korea-based cryptocurrency exchanges namely CPDAX, GOPAX, and Korbit announced a partnership with CrossAngle.
According to a May 9 press release, the collaboration between the parties will look to solve:
- The menace of FUD caused by hype, wherein information with no substance is being generated from unknown sources in the crypto market.
- Inability to access some essential data such as business performance indicators and technical milestones needed for proper business analysis in most cases.
Notably, exchanges and investors are usually not able to identity pump-and-dump schemes or even make informed decisions due to the lack of credible information. The deficiency goes ahead to stunt the growth of the market since the institutional players won’t take part as this issue continues, the release suggests.
However, the latest collaboration is set to solve that issue of unreliable and missing data, with one eye on improving the reliability of coin listing in the global cryptocurrency market.
Chief Strategy Officer of Korbit, Se-jin Oh, tagged the new platform, Xangle provided by CrossAngle as “a model standard for the ecosystem as a whole and more than just an information disclosure platform.”
Since Xangle gathers and validates data from crypto projects before official disclosure, the South Korean exchanges believe that its integration will allow investors to make more informed decisions.
CrossAngle says the data disclosure on Xangle is standardized based on the framework of public disclosure platforms relating to the financial market, such as DART (S.Korea), EDGAR (US) and international credit rating corporates (S&P Global Ratings, Moody’s, Fitch), which are usually re-interpreted for the crypto market.
With this suite of data available to the exchanges, they can review the eligibility of new coin listings and thus build investors’ confidence.
Meanwhile, Coinfomania earlier reported that the South Korean cryptocurrency space is at an all-time high in terms of investor interest in the new asset class. The average South Korean crypto investor holds at least $6000 worth of cryptocurrencies according to a recent survey.