Weiss, the American rating agency which is also known as an independent financial rating agency, is now ready to keep up with the latest technology. Recently, the company has announced that they are going to issues letter grades on Cryptocurrencies.
It will be the first of its kind for any rating agency based out of U.S. The rating will analyze thousands of data points on each coin’s technology. Thus, it will provide data to enable investors to assess risks associated with an asset they want to invest in.
Weiss rating founder, Martin D. Weiss, Ph. D., said,
“Many cryptocurrencies are murky, over-hype and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide. 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”.
He said they might create controversy as some grades would come as a surprise to some people.
Weiss was found in 1971; it is popular to be American’s only 100% independent ratings agency. However, it covers ETFs, stocks, Insurance companies, banks, Mutual funds, credit unions and now Cryptocurrencies. At present, it rates more than 55000 investments and institutions.
According to the declaration, the crypto ratings will be releasing on January 24th. They will include Bitcoin, Ripple, Ethereum, Nem, Bitcoin cash, Cardano, Stellar, Litecoin, IOTA, Dash, EOS, NEO, Bitcoin Gold, Monero, and TRON, among other cryptocurrencies.
Remarkably, the company has been consider by Barron’s, The New York Times, The Wall Street Journal and the US Government Accountability Office (GAO). This is because it considers each company until they provide enough data for them to examine.
However, Weiss asserts that it will focus on the more significant businesses that manage to pay for hefty fees.
Most of the experts, bankers, and media state that Bitcoin and cryptocurrencies are a “bubble,” a Ponzi scheme, criminal and fraud. Therefore, on a positive note, the financial ratings for cryptocurrencies will bring more legitimacy. However it also help to build more positive vibes in acceptance for the industry in the long term.