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Cryptocurrencies have been expanding the last year. Blockchain technology too. Several institutions and individuals have been using and investing in these currencies. But it is necessary for them to have the necessary tools to evaluate these investments. That is why, Weiss Ratings will now issue letter grades on the different cryptocurrencies available.

Weiss Ratings to Evaluate Cryptocurrencies

The financial rating agency has published in its website that they will start to release Bitcoin and Cryptocurrency Grades on January the 24th. The company claims to be the only 100% independent rating agency in the market. At the moment it covers stocks, ETFs, mutual funds, insurance companies, banks, credit unions, and soon, cryptocurrencies.

According to the site, Weiss Ratings will not only evaluate bitcoin, but also other cryptocurrencies. For example, Ethereum, Ripple, Bitcoin Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, TRON, Monero, Bitcoin Gold and many others.

Weiss Ratings

Weiss Ratings

The statement published reads as follows:

“Weiss Ratings, the nation’s leading independent rating agency of financial institutions, will issue letter grades on cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, TRON, Monero, Bitcoin Gold and many others.”

Weiss claims that it does not depend on the larger fees paid by large companies to other rating agencies. Weiss Ratings covers all companies without distinguishing whether they are big or small. The only information required is that these companies must provide all the information required for them to analyse it. Different institutions have marked the independence of Weiss Ratings. Among these agencies we find The Wall Street Journal, The New York Times and the US Government Accountability Office.

More Legitimacy to the World of Cryptocurrencies

This is a move that brings more legitimacy to the cryptocurrency market and world. As more institutions, businesses and enterprises are investing in this technology, the system becomes stable, regulated and prosperous. And these individuals that claim that cryptocurrencies are used to launder money or terrorism, fiat currencies were doing the same all history.

It is important to regulate the market to give it a framework. It is important also to analyse it in a serious way. Behind this, there are enterprises working with Blockchain, cryptocurrencies and different possible uses.

“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” commented Weiss Ratings founder, Marin D. Weiss. “We are 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. Our ratings are based on hard data and objective analysis. But they’re bound to create controversy, including some grades that may come as a surprise to some people,” he explained.

Image Source: Weiss Ratings

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