- Xangle said it offers XCR as official source material for Korean commercial banks
- This is to evaluate crypto exchanges
Xangle announced it offers Xangle Credibility Rating (XCR) as official source material for Korean commercial banks. This is to evaluate crypto exchanges. Xangle is a crypto disclosure platform based in the Republic of Korea.
Recently, the Korea Federation of Banks issued new guidelines to commercial banks. The guidelines are known as Visual Asset Operation Risk Evaluation.
Moreover, These codes include rules for evaluating the creditworthiness of listed coins. However, the authorities view exchanges with low-creditworthy trading pairs as high-risk.
In other words, the guidelines are about the number of cryptos on an exchange. And the trading volume of each coin and the presence of low-creditworthy coins.
Furthermore, the Korea Exchange listing team will start listing investigations. More so, it will be based on records received from the auditor and management company. In addition, KRX is the sole securities exchange operator in South Korea.
KRX said that input from third-party firms not joined to the trading platform or the pre-listing company would help stop accounting issues.
Further, Xangle said it deals with data asymmetry in the crypto-asset industry. It has been doing that with its disclosure issuance platform since 2018.
The firm also stressed to handle the broadest scope of project-related on-chain and off-chain data. Besides, it verifies and displays it all in one place as disclosures or reports. With this, Xangle said it would let Korean Commercial Banks use its XCR to evaluate exchanges.
Also, Xangle noted that investors gain unique access to all-inclusive real-time data that they need from over 2,000 crypto assets. Moreover, the firm said it legitimizes the crypto assets industry in the eyes of government regulators—this includes those in the traditional finance sector and the general public.