Gemini topped the chart grabbing the AA rating followed by ItBit which came second. Coinbase, which was previously at rank 1, has slipped to the third position.
Gemini climbed to the top spot in the list of cryptocurrency exchange rating released by crypto-asset data provider CryptoCompare. To derive these rankings, the data provider used ‘CryptoCompare Exchange Benchmark Q3 2019’ for its metrics.
The Exchange Benchmark rests on 30 other factors like the market quality, the team behind the exchanges, legal status, geographical locations, and other things. The Exchange Benchmark tool combines both – qualitative and quantitative metric data instead of relying only on the volumes directly.
Interestingly, the world’s largest Bitcoin exchange Bitfinex has managed to enter the top-ten spot. On the other hand, Binance slipped four positions down from June to the 12th position. Charles Hayter, co-founder and CEO of CryptoCompare, said:
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”
Gemini Improves Security with Hardware Key
As an additional layer of security, crypto exchange Gemini released a new hardware security key functionality for its mobile application on iOS and Android. This security key will improve user authentication for Gemini account holders via a cryptographic proof of user’s identity.
Using their mobile devices, users can now sign in via the USB or NFC security keys. The mobile devices will also authenticate through an internet standard dubbed Web Authentication (WebAuthn). The WebAuthn security interface helps to validate multiple users of internet applications by using the public key cryptography.
Moreover, the two-factor-authentication will add another security layer over the simple website login. All these hardware security key facilities will be available to the user with devices like YubiKey.
Gemini said that only the owner of the physical hardware key can get access to their account. This is even true in case the password is compromised or the owner becomes a victim of the SWIM-swap attack. To take the complete advantage of the security keys, the =user needs to register at least two hardware keys along with the one supported by their mobile device.
Recently, Gemini has also integrated Samsung‘s blockchain wallet. The wallet allows U.S. and Canadian citizens to buy and sell cryptocurrencies using Gemini’s mobile app.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.