Verasity is pleased to announce that it has received an ‘A’ Credibility Rating from Xangle, the independent public data disclosure and assessment service for cryptocurrencies and blockchain projects. Based in South Korea, Xangle is governed by the Bank of Korea and backed by the Hanwha Group; with executive officers from some of the most prestigious Korean firms.
As part of the Credibility Report, Xangle carefully examines many aspects to determine a project’s market position, technical robustness, and financial stability. It’s essential to pass a Xangle Credibility Report to trade on cryptocurrency exchanges in East Asia, one of the hottest markets for digital assets. Achieving an Xangle Credibility Report is a major milestone for the Verasity protocol, as it sets a new standard in transparency for its rapidly growing community.
Xangle performed a comprehensive audit of Verasity’s tokenomics, management team, financial sustainability, commercial opportunities, and other project fundamentals. Within the audit, Xangle included both on-chain and off-chain data in order to reach an unbiased final credibility rating. All further disclosures must now remain up to date within 48 hours of recent activity.
A financial sustainability review was conducted in order to take into account information such as cash and asset holdings, and the proportion of Verasity’s digital assets that have been hedged. This ensures that Verasity has adequate financial runway to continue operations and growth without embarking on further tokensales. Xangle also conducted due diligence on Verasity’s top management and executives, including their work experience and prior achievements. In addition, Xangle verified existing technical audit reports taking into consideration which third party organization conducted the audits.
Across all the categories Verasity was rated as ‘High’, and in ‘Technical Audit and Legal’ Verasity was rated as ‘Very High’, giving an ‘A’ credibility rating overall. Achieving the ‘A’ Credibility Rating puts Verasity on the same credibility level as projects such as Theta, Basic Attention Token (BAT) and VeChain.
Robert Keogh, Financial Director at Verasity, says:
“We are delighted to have achieved an ‘A’ credibility rating from Xangle, arguably the most respected and highest standard audit firm in the entirety of crypto. We commissioned an audit to give our community our full assurance that we were building transparently and sustainably. Our ‘A’ rating, which puts Verasity shoulder-to-shoulder with giants in the crypto industry, is testament to that. I am immensely proud of what our team has achieved.”
Verasity will now focus on its remaining goals for 2021, including the launch of VRA digital purchases for gaming hardware enabled partnerships, building out further NFT capabilities, and improvements to their ‘Proof of View’ technology.
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