Maltese cryptocurrency exchange OKEx has announced it will contribute to CoinMarketCap’s Data Accountability and Transparency Alliance (DATA) to reduce misinformation in the cryptocurrency market.
DATA is a collaboration of 11 cryptocurrency exchanges. It will collect data on live trading and live order book data so true figures are relayed on CoinMarketCap to help reduce the spread of fake volumes.
Andy Cheung, Head of Operations at OKEx, said in an official press release: “The crypto market is a rapidly developing space, and its trading volume is fully contributed by traders. While we are contributing to the development of the industry, we are also facing the challenges of unethical practices generated by external factors.”
He added: “At OKEx, we are committed to building a robust blockchain ecosystem, and this commitment extends to our stakeholders and other external resources associated. We are excited to join hands with CoinMarketCap to cultivate a well-rounded, fair, and transparent trading market for digital assets. With a third-party reliable source, traders can make their own choice whether to trust an exchange, and I believe they will realise OKEx is here for them.”
OKEx’s native token, OKB, has also been listed on CoinMarketCap. At the time of writing, the daily trade volume of OKB is $64 million, with the token being valued at $1.60.
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