21Shares collaborates with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS)

On April 3rd, it was announced that 21Shares, a European cryptocurrency ETP issuer, has collaborated with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS). This standard is classified at the protocol level and token level, respectively.

21Shares collaborates with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS)

I. Introduction
A. Explanation of the collaboration between 21Shares and CoinGecko
B. Importance of a global cryptocurrency classification standard
C. Brief overview of the two levels of classification
II. Understanding the GCCS
A. Definition and purpose of the GCCS
B. Protocol-level classification
C. Token-level classification
D. How the GCCS will benefit the cryptocurrency industry
III. Significance of the Collaboration
A. Cooperation between companies in the cryptocurrency industry
B. Advantages of this collaboration for the two companies
C. Positive impact of the collaboration on the cryptocurrency industry
IV. Conclusion
A. Recap of the GCCS
B. Importance of collaborations in the cryptocurrency industry
C. Exciting future prospects for the GCCS

On April 3rd, 21Shares and CoinGecko Release the Global Cryptocurrency Classification Standard (GCCS)

The cryptocurrency industry has been continuously growing and evolving over the years. With the rapid increase in digital currencies, it has become imperative to have a standard that classifies cryptocurrencies at both the protocol and token level. On April 3rd, 21Shares, a European cryptocurrency ETP issuer, teamed up with CoinGecko, a leading cryptocurrency data aggregator, to release the Global Cryptocurrency Classification Standard (GCCS). This article aims to explore the collaboration between 21Shares and CoinGecko and the importance of the GCCS.

Understanding the GCCS

The GCCS is a globally accepted standard of cryptocurrency classifications at two levels: protocol and token. The primary objective of the GCCS is to make the cryptocurrency market more transparent and significantly easier for investors to navigate. The protocol-level classification category divides cryptocurrencies into four segments: Blockchain Platforms, DLT Protocols, Payments and Platforms, and Privacy and Anonymity. On the other hand, the token-level classification provides a detailed classification of different types of tokens. This categorization includes utility tokens, payment tokens, asset tokens, and hybrid tokens.
The GCCS is expected to play a critical role in the cryptocurrency industry’s development. It’s important because it will create uniformity in the classification of crypto products and encourage awareness and understanding of the investment products available in the market.

Significance of the Collaboration

The collaboration between 21Shares and CoinGecko revolves around the development and release of the GCCS, which will benefit the cryptocurrency investors. The collaboration will bring together various stakeholders in the industry, including industry players, academics, regulators, and investors, to establish a common accord on how to best classify different cryptocurrencies. The collaboration creates an opportunity for more companies in the industry to develop and release standards that contribute to the global adoption of cryptocurrencies.
Additionally, this collaboration will also benefit 21Shares and CoinGecko by providing them with more exposure. 21Shares, as a major cryptocurrency ETP issuer in Europe, has the potential to gain a competitive advantage in the industry, while CoinGecko, an emerging company that tracks over 7,000 cryptocurrencies, is poised to become a leading data analytics provider in the cryptocurrency market.

Conclusion

The collaboration between 21Shares and CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS) is a step in the right direction for the cryptocurrency industry. The GCCS is designed to create uniformity in the classification of cryptocurrencies that will facilitate investors’ understanding of the investment products available in the market. Additionally, collaborations such as this will contribute to the further growth and development of the cryptocurrency industry.

FAQs

1. What are the benefits of the GCCS?
The GCCS makes the cryptocurrency industry more transparent, easier to navigate, and easier to invest in. It creates uniformity in the cryptocurrency classification process, which helps investors become informed about what they are investing in.

2. How will the GCCS benefit 21Shares and CoinGecko?
This collaboration will benefit 21Shares and CoinGecko by giving them more exposure in the cryptocurrency market. 21Shares has the potential to gain a competitive advantage as a leading ETP issuer in Europe, while CoinGecko can become a prominent data analytics provider in the cryptocurrency industry.
3. What impact will the GCCS have on the cryptocurrency industry?
The GCCS will contribute to the growth and development of the cryptocurrency industry by bringing together different stakeholders in the industry to come up with a common accord on how to classify different cryptocurrencies.