Ripple’s VP Global Institutional Markets, Breanne Madigan, said the blockchain firm would take necessary steps to tackle fake volumes in 2020.
In an episode of RippleDrop, she revealed that in 2020 the firm aims to address fake volumes in the industry.
According to her, the firm does not want to be among those who release false trade volumes. Or such which have been exaggerated.
Accordingly, the company Ripple previously revealed that it had been working with trusted partners to tackle the problem on a large scale. Madigan says, “we think about a lot in the Ripple, and we have made some noise about it is the persistence of fake volumes in the industry.”
And that is a problem that has gotten a lot of noise and attention in the past year, but surprisingly, we have not seen much progress been made, so that is something we will continue to focus on in 2020.”
The firm also evaluated its approach to XRP volume reporting. Particularly, reviewing new options and requirements for sourcing market data while taking a “more conservative approach to XRP sales” in the second quarter of 2019.
Bitwise started the fire
To remind, in 2019 following Bitwise’s report about exchanges faking volumes, popular data site, CoinMarketCap faced backlash for reporting false volumes. Many other crypto exchanges came under fire for allegedly facilitating wash trading and trade volume manipulation.
According to it, CoinMarketCap reported roughly $6 billion per day in Bitcoin trading volume. The actual figure stood somewhere close to $273 million, or nearly 4.5% of the reported amount, which was highly exaggerated.
Although, according to a survey by Chainalysis, large crypto exchanges have appeared to have stopped misreporting their trading volumes.
But New York-based blockchain analytics firm is suspicious. It says that some crypto exchanges including Bitforex that still report fake trading volumes. This is in a bid to simulate higher market activity and liquidity.
Chainalysis research named Binance, Bitfinex, Kraken, Bitstamp, Coinbase, BitFlyer, Gemini, itBit, Bittrex, and Poloniex. These are the exchanges consider as the only exchanges that report their actual volumes.
Good year for Ripple
Ripple closed the year in a grand style. It has reportedly raised $200 million through a Series C funding.
CEO of Ripple, Brad Garlinghouse, also spoke on the extraordinary development. He said the company is on its way to fulfilling its goals. Concurrently, he believes many companies slowed down their momentum this year while Ripple stood out.