The first ever official rankings of cryptocurrencies and tokens was released on Wednesday, generating heated debate on various social media platforms.
Produced by Weiss, an independent ratings agency based in the U.S.A, the report reviews most of the top 100 cryptocurrencies and grades them according to an assessment of inherent risk. This, they claim, provides for the “safest ratings that you can rely on to make sound, informed financial decisions.”
No “A” Grades
Whilst the results have delighted holders of certain currencies and tokens, others have been left fuming by the low scores their assets attained.
Although no A grades were given, blockchain protocols Ethereum and EOS both scored highly with NEO and Cardano following marginally behind.
In the currency sector Bitcoin Cash (BCH) trailed two places behind Bitcoin Core, Dash and Litecoin. Even worse for BCH aficionados, the currency was also rated lower than Doge.
As probably expected, more recent ICOs and lesser priced coins fared poorly with the likes of Quark, Matchpool and Rise being awarded a rating of ‘weak’.
Although lesser known than ratings giants Moody’s and Standard & Poor’s, Weiss is seen by regulatory authorities as a more trusted source of information, having escaped the fines handed down to its higher profile competitors as a result of their systemic failure to spot basic warning signs in the lead up to the 2008 financial crisis .
The team behind the grading have considerable financial industry experience and have approached the task in an analytical mindset.
Many within the Youtube community in particular have questioned whether their opinions were skewed towards a bias for traditional financial investments.
Leaving aside the debate the ratings themselves have aroused, the involvement of official ratings agencies is being as another clear sign that cryptocurrencies are now entering the mainstream.