Cryptocurrency Exchange CrossTower Becomes Member of Crypto Rating Council
CrossTower, a cryptocurrency exchange, has become a member of the Crypto Rating Council (CRC). 11 industries have already joined as members of the Council, which has welcomed the New York based CrossTower’s decision to join the group.
Other members of the group include Cumberland, Coinbase, Genesis Global Trading and Anchorage.
The CRC has revealed that its intention is to offer a “more systematic” US securities law analysis platform for assessing cryptocurrencies, fostering regulatory transparency in the sector.
Ranking structure created by CRC is primarily through the evaluation of crypto assets on the basis of its compliance with the US legal framework.
The bare minimum CRC score of one indicates that the corresponding asset has almost nil characteristics of a compliant security. On the contrary, a score of five indicates that the concerned asset is compliant with the US securities law.
Kristin Boggiano, CrossTower’s co-founder, detailed further as follows:
“We are honored to have been selected to join the CRC and look forward to increasing visibility, promoting standards, and contributing to the safe and orderly growth of the digital asset industry.”
The media release also boasts that the launch of the ranking scheme and first publication of 20 asset rakings last fall has enabled the cryptocurrency exchange in making “steady progress engaging the developer community,” in the form of more enrollment of industry members and ranking of more assets.
Currently, the New York based firm offers the popular cryptos such as Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), USDC and Zcash (ZEC) for trading, but intends to add more “later this year.” Notably, the listed cryptos will be also undergo CRC’s scrutiny.
Interestingly, on April 2, CRC published its ratings for three more cryptos namely USDCoin (USDC), Basic Attention Token (BAT) and Iota (IOTA).