CoinGecko, one of the premier crypto data aggregators, has rated the Atom Asset Exchange (AAX) as one of the most trusted cryptocurrency trading platforms. The milestone comes on the heels of AAX being recognized as the world’s second-largest crypto exchange by spot trading volumes.
According to CryptoCompare’s recent industry survey, spot trading volume on AAX grew 26.5% to $57.2 billion, making it the largest exchange by volume after Binance for the first time. times in its history. The monthly exchange review offers widely cited insights into the cryptocurrency industry as well as changes to the exchange metrics that make up the data provider’s price indices.
AAX’s increase in revenue came despite declining spot trading volumes across all centralized crypto exchanges. In July, spot crypto volumes fell further, dropping 1.3% to $1.39 trillion, the lowest turnover since December 2020.
AAX, powered by London Stock Exchange Group’s LSEG technology, has seen an increase in trading volume year-to-date, rising 285% from $14.9 billion during the period.
Meanwhile, CoinGecko gave AAX a trust score of 8, indicating that the institution-focused platform is now classified as a 3-star Certified Ethereum Professional (CEP) exchange.
CoinGecko provides fundamental analysis of cryptocurrency markets through complex valuation methodologies focusing on market capitalization, volume, and price. The industry data aggregator also tracks community growth, open source code development, major events, and on-chain metrics.
Based on an adjusted average of +12 indicators, CoinGecko has already rated the security of 1,500 cryptocurrencies and over 290 crypto exchanges. This is the first security assessment covering so many digital assets and platforms.
To combat fake trade volume data, CoinGecko has developed a unique scoring algorithm called “Trust Score”. On CoinGecko, exchanges are no longer ranked as reported, but rather ranked more holistically based on various related metrics and the company has packaged it all up as a trust score to make it actionable at a glance. ‘eye.
The trust score measures many facets of what an active cryptocurrency exchange should have – namely liquidity, trading activity, scale, technical expertise, cybersecurity and more.
Among the ranking criteria, AAX scored favorably in terms of liquidity, scale, cybersecurity, API coverage, and availability of a management team. AAX has also been recognized as a digital asset exchange that has not yet encountered any security/functional issues that could affect the safety of a user’s funds.
“Trust has always been one of AAX’s core principles, along with security, integrity and performance. Fully adhering to these principles takes time and constant improvement. It’s great to see our accomplishments reflected in CoinGecko’s rankings as we continue to improve our technology capabilities and services for our users,” said Ben Caselin, VP of Global Marketing and Head of Research and Development. strategy at AAX.
Recognitions mark a new iteration of AAX efforts to measure grassroots cryptocurrency adoption around the world and offer unique insights after a year of heightened attention for the industry.
AAX said last month that it was increasing hiring right now, a stark contrast to a slew of job cuts and a hiring freeze at several companies operating in the crypto space.
The leading platform offers “hundreds of roles” across many functions as it doubles the size of its staff this year to support its global expansion plans. AAX will open additional offices to support new markets and add staff to expand its expertise and product lines.
The good news comes amid a downturn in crypto markets that has sparked a wave of high profile layoffs, layoffs and downsizing among major players. In addition to this news, Coinbase, which cut around 1,100 jobs or 18% of its workforce, and Gemini, which laid off 10% of its workforce.