Crypto Compare
Industry NewsOctober 20, 2018

CryptoCompare Publishes Cryptocurrency Taxonomy Report

Simon Taylor, Founder of Global Digital Finance & Co-Founder 11.FS
Simon Taylor, Founder of Global Digital Finance & Co-Founder 11.FS

Global cryptocurrency market data provider CryptoCompare has published a cryptocurrency taxonomy report detailing independent classification of cryptoassets, based on the depth, breadth, and scope of the firm’s global datasets.

Retail and institutional investors, regulators and the industry as a whole may find the report valuable as more than 1,000 different cryptoassets have emerged in the last year alone and the emerging asset class needs a unified approach on how to categorize these assets in order to make well-informed investment decisions.
The analysis includes a variety of perspectives, including existing natural crypto asset groupings; regulatory classifications; access and governance; market cap and volume data; level of decentralization; generation, distribution, and supply concentration.
Charles Hayter, CEO and Founder of CryptoCompare, said:
“Daily, retail and institutional investment communities express an appetite to invest and develop investment products and instruments based on cryptoassets. Key to this is the demand for a single, independent and trustworthy taxonomy offering transparency, consistency, and confidence. Based on our deep understanding of the cryptocurrency space and the breadth and integrity of our data, we are confident that this taxonomy will help industry participants, as well as regulators, gain a better understanding of the cryptocurrency landscape. In this nascent but fast-evolving industry, we aim to offer the clarity required to navigate the complex crypto markets, helping all investors benefit from our experience and insights, and make well-informed investment decisions.”
Simon Taylor, Founder of Global Digital Finance & Co-Founder 11:FS, commented:
Gabor Gurbacs, Director, Digital Asset Strategy VanEck
Gabor Gurbacs, Director, Digital Asset Strategy VanEck

“Global Digital Finance (GDF) has worked directly with global policymakers and standards bodies, to help bring a clearer understanding of the opportunities and risks that arise from cryptoassets. It’s clear language is one of the key challenges, given a word can have many meanings to many different professions. Indeed the simple use of “currency” can cause concern when used instead of “payment”. By using the right terms, and by using shared language we can build a shared understanding of the significant potential cryptoassets will bring to the global economy. The work by CryptoCompare is the most detailed taxonomy to date and we look forward to future collaborations.”

Gabor Gurbacs, Director, Digital Asset Strategy VanEck/MVIS, added:
“VanEck’s MVIS is committed to supporting greater standardization and transparency in digital asset taxonomy. The proposed taxonomy is transparent, follows industry classification standards and has incorporated views from a wide range of market participants, regulators, and academics. We have worked closely with CryptoCompare, MVIS’ core partner in digital asset data and indexing, as well as GDF and wish to see this classification standard adopted widely.”
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