Ripple Makes Changes To Get Closer To Crypto Mass Adoption – Revamping Trading Volume Data Reporting And More
Ripple has been in the spotlight a lot this year due to various achievements, new partnerships and enhanced adoption of its products for settling cross-border payments faster, cheaper, and safer.
Now, Ripple is reportedly making some changes in the way it plans to review its standards for reporting on crypto volume and market data.
Issues regarding trading volume data
According to the Daily Hodl, this comes after some pretty intense security and criticism on the way to crypto exchanges report trading volume data.
The online publication notes that there’s a recent report coming from Bitwise which has revealed that 95% of the volume that’s reported by CoinMarketCap is fake.
As a response to the scandal, Ripple said that they would also be reviewing and modifying their approach to reporting volume data in the Q2 XRP Markets Report. This will probably be released at the beginning of July.
Ripple said that they would also take a closer look at the sales of XRP on the open market.
According to the Daily Hodl, Ripple addresses three ways in which they will analyze and revamp future reporting standards:
- “Actively working with trusted partners” to better understand the scope and scale of the issue
- Evaluating its approach to XRP volume reporting, including reviewing new options and requirements for sourcing market data
- Taking a more conservative approach to XRP sales this quarter.”
Ripple is also cutting the programmatic XRP sales in half.
Ripple believes that the crypto space needs to make changes
The company believes that the whole industry has to make changes, and they hope that more entities will follow their example:
“We hope others in the crypto ecosystem will follow our lead, and ultimately, that our joint efforts will fuel a growing level of trust, among institutions and consumers alike, and the entire digital asset market will thrive.”
Ripple believes that only when these will be accomplished, we’ll be able to witness mainstream adoption of digital assets and the underlying blockchain tech.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.