Cryptocurrency data startup Nomics, in partnership with Nexo, is introducing algorithmic rankings of crypto wallets, lenders, custodians, tax services and over-the-counter desks. The plan is to eventually extend these rankings to every crypto product category, including media outlets.
According to Nomics CEO Clay Collins, the same algorithm is applied to all categories without any manual intervention, which should make the rankings more objective. Each entity receives a reputation score based on social media activity and site links. The exact recipe is not disclosed in order to prevent manipulation.
Unexpected results
This blind algorithm, at times, produces interesting results. Nexo tops Cryptocurrency Credit Lines rankings, while its arch-rival Celsius Network occupies 25th place.
Collins assured Cointelegraph that this is not due to any manipulation and can probably be explained by the fact that Celsius Network only offers a mobile wallet, leaving its website as a basic landing page.
In a recent Cointelegraph interview, Celsius CEO Alex Mashinsky said that this is a conscientious choice as it allows the company to reduce a potential cyber attack vector.
Collins said that Nomics will be releasing rankings for two additional product categories every week. He would like Nomics rankings to become the “U.S. News & World Report” of the crypto world.