Making cryptocurrency market reliable with Xangle
CrossAngle, which operates crypto asset disclosure platform Xangle, held a press briefing with partnering cryptocurrency exchanges Bithumb, Korbit, Hanbitco and Bitsonic in Gangnam, southern Seoul on Wednesday. Officially launching Xangle CrossAngle officially launched Xangle on Wednesday. As of Tuesday there were 353 projects disclosed through the service. Among them, 118 were directly released by project operators. Projects with large coin market capitalization like Maker, Tezos and NEM also disclosed their information. While the beta version of Xangle used to provide a regular disclosure board where projects can file general updates of their recent progress, the official version also enables projects to make special filings about important business progress or changes. For instance, on the regular board, basic information about a project team such as financial statements is posted while the special board deals with a firm's confirmation or rebuttal of rumors or big changes to a firm's business. An announcement board has also been added so that project teams and exchanges can upload marketing or public relations materials. Xangle adopted quantitative index and qualitative index to assess whether firms are making fair disclosures through the platform. If firms need to make a special disclosure, the platform will use quantitative indexing to assess whether they made disclosures within the disclosure deadline. The platform will use qualitative indexing to assess whether correct disclosures have been made each time, removing the need to turnover past disclosures. Depending on the assessment, the projects will be graded A+, A, B+, B, C for their filings. CrossAngle plans to make the indices more elaborate by January. "Even now, basic on-chain information about projects are open to the public, but many people are having difficulty interpreting the raw information," said Junwoo James Kim, co-founder of CrossAngle, explaining why such disclosure platform like Xangle is necessary. Going global CrossAngle is planning to make Xangle go global, so it is used both at home and abroad. For this reason, the platform currently supports autonomous translating services for Chinese and Japanese on top of English and Korean. Later, the platform will also offer translations to Russian and Spanish. So far, 10 foreign exchanges have decided to adopt the Xangle platform. They are six Japanese cryptocurrency exchanges including Coincheck, and three Chinese and Southeast Asian exchanges including BitForex and Russian exchange Waves. "We will figure out the problem of information asymmetry by expanding our Xangle service that offers fact-based disclosures to exchanges as well as fund operators and media," Kim added. Local exchanges need to enhance transparency through third parties During the briefing, local cryptocurrency exchanges partnering with Xangle also took part and shared the current status of the crypto market. "Due to the lack of trust, investment in cryptocurrencies has been shrinking recently," said Kim Young-jin, a business auditor of Bithumb. "To tackle this problem, we are trying to make our process trustworthy by collaborating with third parties like Xangle." "In the case of Korbit, we ask for basic information on projects through Xangle and go on with due diligence on projects," said Jung Seok-moon, chief security officer of Korbit. "Then we go into legal investigations before we list a coin through final assessment by our deliberation committee for coin listing." Some talked about how to improve market reliability by improving services. "We need to become exchanges that can help our users," said Hanbitco chief operating officer Huh Won-ho, adding that cooperation with Xangle is part of its efforts to help improve its service.