CryptoCompare: Coinbase Is Top Exchange Instead of Binance
- Coinbase, Gemini, Bitstamp, and Binance received an AA ranking.
- Exchanges’ market share rose from 89% in July 2021 to 91% in August 2022.
- Top-tier exchanges traded $1.5 trillion, while lower-tier exchanges exchanged $62 billion.
According to CryptoCompare’s Exchange Benchmark, Coinbase is the highest-graded crypto exchange followed by Gemini, Bitstamp, and Binance. These exchanges received an AA ranking.
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The Exchange Benchmark examined over 150 active centralized exchanges. These platforms fell into categories from AA to F based on factors like security, the number of assets available, regulatory compliance, KYC checks, and more. Exchanges that belonged to the top tier category obtained a grade of B or higher.
CryptoCompare CEO and Co-Founder Charles Hayter said:
“As the digital asset ecosystem continues to mature, it is important that market participants can reliably identify the lowest risk trading venues. Our Exchange Benchmark is an invaluable tool for funds, service providers, regulators, and investors who are looking to gain a better understanding of the global digital asset exchange”.
From the total range, only 78 exchanges achieved this status. Meanwhile, Coinbase, Gemini, Bitstamp, and Binance were the only exchanges to get the above-said rating.
Meanwhile, the largest centralized cryptocurrency exchanges have managed to reach all-time highs in terms of market share this year. This trend has been observed by CryptoCompare since 2021. For instance, in August 2021, top-tier exchanges increased their market share of overall exchange volumes, rising from 89% in July 2021 (based on August 2021 rankings) to an average of 91%.
In February 2022, these top tier exchanges traded $1.5 trillion. On the other hand, lower-tier exchanges exchanged $62 billion. According to the crypto analytics firm, this indicator shows that “both retail and professional traders are moving to reduced risk exchanges.”
Read more: https://coinquora.com/cryptocompare-coinbase-is-top-exchange-instead-of-binance/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
