Weiss Ratings, a U.S. independent rating agency, had announced that it will issue letter grades on cryptocurrencies, to be released Wednesday January 24.
They will include market leader Bitcoin along with a series of altcoins like Ethereum, Ripple, Bitcoin Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, TRON, Monero, Bitcoin Gold, and many more.
Even though cryptocurrencies are attracting a lot of investors, most of them are indulging in speculative trading. Lately, many established consulting and trading firms have been recommending cryptocurrency to their clients to invest in – but none of the established asset rating agencies have rated the booming coins like a normal stock.
Addressing the announcement, Weiss Ratings founder Martin D. Weiss commented: “Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide.”
The cryptocurrency market is still a very controversial one. The entire crypto economy is now worth more than half a trillion dollars, but the market is unregulated worldwide. The core structure of blockchain technology is making it very tough for authorities to impose regulations like they do on the traditional stock market.
The availability of crypto currency ratings from a renowned agency will be of great assistance to investors in avoiding bad investments and identifying tokens that have great potential.
The rating agency, which was founded in 1971, grades about 55,000 institutions and investments including banks, credit union, insurance companies, stocks, ETFs and mutual funds. Unlike Standard & Poor’s, Moody’s, Fitch and A.M. Best, Weiss Ratings prides itself on never accepting compensation of any kind from the entities it rates.
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