Ripple plans to review its crypto-volume reporting and market reporting standards. In addition, the sale of the in-house XRP Coins should be reduced.
The move follows an in-depth review and criticism of how crypto exchanges report trading volume data. A recent report by index and fund provider Bitwise found that about 95% of the volume reported on CoinMarketCap is counterfeit. It is about the reported trading volume of various stock exchanges.
In response, Ripple announces its review and modification of its volume data reporting approach. This will already happen in the Q2 XRP Markets Report. This report will also take a closer look at XRP's sales in the open market.
Ripple outlines three ways in which it can analyze and revise its future reporting standards.
- “Actively collaborate with trusted partners” to better understand the scope of the problem
- Evaluate its approach to XRP volume reporting, including the review of new options and market data procurement requirements
- This quarter, XRP sales are being handled more conservatively to learn more about the fake volume in the crypto area
Ripple reduces XRP revenue by half
Ripple halves its planned revenue with XRP. This revenue is generated through the sale of XRP to crypto exchanges. Ripple had XRP sales of $ 107.49 million in the first quarter of this year.
“In the short term, this means that Ripples's revenue with XRP will be significantly lower in the second quarter of 2019 (as a percentage of the reported volume) than in the previous quarter. Our previously announced target of 20 basis points for the sale of XRP is likely to fall to less than 10 basis points. The base points refer to the apparent volume on Coinmarketcap.com.
In the long term, we hope to raise the bar in the industry by raising the demands on our expected standards for market structure and reporting. “
The industry as a whole needs to reassess its approach to reporting on crypto trading volume, said Ripple. This is to ensure that the emerging area of cryptocurrencies gains the trust of regulators, investors and the mainstream.
“We hope that others in the crypto ecosystem will follow our leadership, and that our joint efforts will foster a growing level of trust among institutions and consumers, and the entire digital assets market will thrive. Before we do that, we can not expect digital assets or blockchain technologies to become widespread. “
Author: Peter Joost – Source Post: http://festyy.com/w1Y1QK
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