Nomics, cryptocurrency data startup about to launch a new model on its platform which can rank crypto-focused businesses falling in the category of media outlets to wallet service providers.
In a recent update, Nomics entered into a partnership with Nexo to introduce the first algorithmic product ranking model which will help the crypto community to see the rankings in a much clear and specific way. However, the exact methods and guidelines have not yet disclosed by the companies
Initially, the global crypto indicator startup would focus on digital assets custodians, crypto wallets, tax services, lenders, and over-the-counter (OTC) desks. In due course, the company may extend its ranking to other service providers including cryptocurrency media outlets.
Clay Collins, CEO of Nomics wants to see the company’s ranking to turn out to be in the “U.S. News & World Report.”
Collins mentioned the product rankings and reputation would be done without manipulation and is based on website links and social media activities. All the product rankings would be based on absolute algorithms not include manual intrusion.
Nomics is going to issue rankings of two additional products in every week, Collins said.
In Dec 2018, Nomics secured $3million funding in series A investment round from influential investors including Coinbase ventures to flesh out its engineering team and to add support for the hedge funds and investors to track market volatility and to further deploy data towards the development of trading algorithms.
Last week in May, Nomics introduced the transparent market cap indicator to analyze the data from cryptocurrency exchanges with A+, A, or A- transparency ratings. However, the base of the rating is the report released by the American firm- Bitwise Asset Management in 2019. The bitwise report showed that 95% of Bitcoin (BTC) trading volume is fake on the crypto exchanges.
In Jan Nexo’s co-founder, Antoni Trenchev on “Bloomberg Markets: European Open” said that “Bitcoin Could Go to $50,000 by End of 2020.”