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Coinswipe and DeHedge join efforts on “CUSIP” for token identification “CUTIP”

Coinswipe and DeHedge join efforts on “CUSIP” for token identification “CUTIP”

Coinswipe, a rating network app for scoring ICOs, and DeHedge, a decentralized risk-hedging platform for cryptocurrency, recently announced a strategic partnership with plans to complete the development of the Committee on Uniform Token Identification Procedures, CUTIP, to bring a standardized identification nomenclature to blockchain tokens the same way CUSIP numbers did for publicly traded securities.

“Unlike tickers used in securities markets, which are unique to each issuer, the same Ethereum ticker symbol can be used across multiple distinct contracts and tokens,” according to Coinswipe CEO Sarah Tulin.

Coinswipe developed the first iteration of CUTIP Token ID at the World Crypto Economic Forum Hackathon early this year, winning over 8,000 POA tokens for the novelty and relevance of the project. The stated goal was to provide an easy solution to a problem that impacts both retail purchasers of cryptocurrency tokens and institutions.

Coinswipe and DeHedge share the vision that everything will ultimately be tokenized on a distributed ledger, similar to blockchain. Despite the massive opportunities tokenization represents, a number of risks are created, some of which can be reduced with standard disclosures and nomenclature.

DeHedge founder and CEO Mikhail Chernov commented:

“CUSIP, the national numbering associations (NNAs) for securities in the US, provides identification for millions of instruments but does so based on a centralized authority controlled by the American Bankers Association and S&P. This monopoly on information, along with the associated costs, has created issues both in the US and, particularly, in the EU. The CUTIP Token ID initiative will give all the benefits of a standard number system for tokens but by using a decentralized autonomous organization managed on the blockchain by constituents.”

Source:DeHedge

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