As the cryptocurrency and blockchain industry becomes mainstream, more and more businesses and organizations will need to start learning about these latest technologies. Weiss Ratings, a financial products rating agency, will now list and rate cryptocurrency.
In a statement posted on its website, the independent rating agency said it would issue notes on cryptocurrency. The company, founded in 1971, claims to be the only 100% independent US rating agency covering equities, ETFs, mutual funds, insurance companies, banks, credit unions and now virtual currencies. It currently evaluates more than 55,000 institutions and investments.
According to the announcement, crypto logs will be available from January 24 and include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, TRON, Monero, Bitcoin Gold, and many others.
This is a world first for a financial rating agency that claims that ratings will be based on a " revolutionary model that analyzes thousands of data about the technology, usage and trading patterns of each piece . "
Weiss Ratings founder Martin D. Weiss said:
Many cryptocurrency are troubled, outclassed and vulnerable to accidents. The market desperately needs clarity that only robust and unbiased assessments can provide. We are proud to be the first to bring this benefit to investors - to help them get through the hype and identify some really strong cryptocurrency. Our assessments are based on reliable data and objective analysis. But they will be likely to cause controversy, including some notes that might surprise some people .
According to the presentation text on its website, Weiss Ratings claims to be different from other rating agencies that focus primarily on large companies that can afford to pay them significant fees. The agency covers all companies, large or small, as long as they report sufficient data to allow a robust analysis of their financial situation. Its independence and accuracy have been recognized by the US Government Accountability Office (GAO), Barron's, the Wall Street Journal and the New York Times.
Such financial ratings will bring more legitimacy to the most successful cryptocurrency. This is a very positive development in a market that has been marked by the FUD phenomenon in recent weeks. With the bankers, politicians and even the mainstream media still calling Bitcoin and some "bullshit", "Ponzi scheme", "criminal" and "fraudulent" altcoins, this decision is a step closer to integration of the entire crypto industry.
