Open source cryptocurrency data and research company, Messari announced that it would be developing a ‘disclosure database’ for token-issuing projects to share information publicly, which otherwise are hard to find.
Messari is a New-York based startup that provides market research data, insights and research tools for investors, regulators, and the public. According to Forbes, back in June, Messari secured an early stage funding between $1 million – $5 million from multiple firms to launch its ‘disclosure database’.
The company’s latest project aims at offering a ‘single source’ for all basic cryptoasset-related information. Twelve partners have joined in the project, which includes big industry players like Civic, Decent, Aion, Blockstack and many more.
Messari said it would collect information voluntarily disclosed by the parties that are involved in their token design, supply details, technical issues and grievances of investors. The collected information will be free of access within the cryptocurrency industry.
The company further stated:
“Messari validates project data and provides free access to disclosures via an open API that allows third-party services to rally around one universal cryptoasset disclosures library.”
Ryan Selkis, CEO of Messari, said that transparency is vital for the development of the cryptocurrency economy.
He also said,
“The crypto economy will only reach its full potential when users believe they are participating in fair, safe and efficient markets, and these projects share our vision that the information they provide should remain freely accessible to all market participants, rather than locked behind the paywall of any single data provider.”
Several other organizations in the cryptocurrency industry have started to form self-regulatory and development bodies. Earlier in April, sixteen Japanese exchange operators attempted to launch the Japanese Cryptocurrency Exchange Association(JCEA).
In February, two industry entities members made up the JCEA: Japan Blockchain Association(JBA) and Japan Cryptocurrency Exchange Association(JCBA).
In the initial stages, Masseri’s team will be operating the projects through their applications; but the final goal is to decentralize the entire platform.
Ryan Selkis also stated that the company plans on creating a database similar to the Edgar Database, that assists in storing securities filings of U.S. public companies. Selkis is also backing the idea of increased transparency to eliminate the financial crimes in the crypto-industry.