Credibility is springing up all over in the bitcoin/crypto sector. AND, some news is bigger than others. For the FIRST TIME EVER a ratings agency is going to ‘grade’ cryptocurrencies. OH, not just ANY rating agency either. Weiss Ratings which is the nation’s leading independent rating agency of financial institutions plans to release ratings grades next week on a whole bunch of cryptocurrencies (Bitcoin, ethereum, ripple, etc, etc, etc). This is BIG since it will pave the way for greater visibility, transparency and open the doors for more institutional participation. Gosh, its fun to watch “the kids” (cryptos) grow up.
PALM BEACH GARDENS, Fla., Jan. 17, 2018 /PRNewswire/ — Weiss Ratings, the nation’s leading independent rating agency of financial institutions, will issue letter grades on cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, Monero, Bitcoin Gold and many others.
The new Weiss Cryptocurrency Ratings, to be released January 24, are the first by a financial rating agency. They are based on a groundbreaking model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns.
“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” said Weiss Ratings founder, Martin D. Weiss, PhD. “We’re proud to be the first to bring that benefit to investors – to help them cut through the hype and identify the few truly solid cryptocurrencies. Our ratings are based on hard data and objective analysis. But they’re bound to create controversy, including some grades that may come as a surprise to some people.”
Weiss Ratings, which began in 1971, rates 55,000 institutions and investments. Unlike Standard & Poor’s, Moody’s, Fitch and A.M. Best, Weiss never accepts compensation of any kind from the entities it rates. Its independence and accuracy have been noted by the U.S. Government Accountability Office (GAO), Barron‘s, The Wall Street Journal, and The New York Times, among others.