Standardize global disclosures will enable transparency for cross border digital asset transactions
Crossangle, the operating company of cryptocurrency disclosure platform ‘Xangle,’ has signed a partnership agreement with OKEx global. The Xangle platform, which has recently gone live after an initial beta service of nine months, has partnered with over 40 exchanges to lead the initiative for bringing more transparency to the industry.
Xangle is a cryptocurrency disclosure platform, providing corporate information and disclosure data. The platform aims to become the single source of truth by collecting off-chain data directly from blockchain projects and on-chain data from blockchain ledgers. Xangle will continuously integrate and standardize data so that anyone can use the platform and have access to data.
The Xangle database has full disclosures of more than 400 blockchain projects. At present, more than 200 blockchain projects are making public announcements and disclosures on the platform.
Xangle is planning to expand its partnership with global exchanges, including OKEx, to enhance the quality of data to meet the expectations and requirements of financial institutions.
Xangle has now extended its presence in South Korea, China, Japan, Southeast Asia, Russia, and Europe. Xangle is in talks with multiple exchanges operating within the United States, Australian, Middle East, and Latin America for further expansion.
Standardized disclosure provided by Xangle enables the sharing of information smoother between industry players including exchanges and institutional participants. Xangle enables this by lowering the barriers to data accessibility by providing multi-language support and standardizing data forms. Multiple exchanges are now using the Xangle platform during their listing review and post-management processes.
Exchanges take advantage of disclosures to continuously manage and examine the projects after listing. The efforts made by the exchanges are to protect their user base by promoting transparency and providing more up to date data for listed assets. Exchanges can provide projects’ updated information with the Due Diligence Reports provided by Xangle. Exchanges can receive the latest status of listed projects through real-time disclosures without the need to separately contact each projects’ point-of-contact.
Some exchanges have procedures for submitting documentary evidence of publicly listed projects using the Due Diligence Reports provided by Xangle to abide by government regulatory policies.
James Kim, a co-founder of Crossangle, said, “more and more exchanges agree on the need for standardized disclosures for the market.” And he emphasized that “improving transparency for the industry through disclosures will become one of the major catalysts that may advance the institutionalization of digital assets.”
Staff Reporter Hyung, Inwoo | inwoo@etnews.com