DRIVE Verify - Independent book valuations for crypto funds and ETF's
What is DRIVE Verify?
DRIVE Verify is a first for crypto, providing independent mark-to-market prices and market surveillance which supports risk management and product control functions for hedge funds and ETF’s.
Assets currently supported include BTC, ETH, BNB, XRP, BSV, LTC and BCH against USD, BUSD and USDT.
DRIVE Verify is built by the DRIVE team and hosted on the world’s largest API marketplace, RapidAPI.
DRIVE Verify launched in beta on March 11th 2020, visit api.driveverify.com to kick the wheels.
Why make DRIVE Verify?
One of the major concerns for regulators when it comes to crypto funds are related to market manipulation. Regulators like the SEC are currently seeking greater transparency and market consensus to ensure funds in the crypto market aren’t using price manipulation techniques.
While this normally happens through market indexes and price verification tools in traditional and regulated financial markets, it’s still a very undeveloped concept when it comes to crypto, creating a major obstacle for crypto ETF’s.
Services like Totem by Markit, enable institutions to independently verify derivative positions for their books and records reporting to address increasing regulatory scrutiny of balance sheets and trading activity.
This presents a legal hurdle for launching digital asset funds and ETFs. In fact, lack of consensus market prices is one of the major factors cited in the denial of crypto ETFs in the USA and has also been raised in regulatory license commentary by the SEC, IIROC and FCA.
Such a service isn’t available for digital assets, which due to single asset-multiple trading venues, requires both spot and derivative verification.
How does DRIVE Verify work?
DRIVE Verify provides mark-to-market prices contributed by crypto venues and market makers to independently check valuations for hedge funds and ETF's. Crypto ETF approval requires market surveillance that includes granular trading data between exchanges and underlying markets.
DRIVE Verify uses proprietary algorithms and methodology to return an average price based on a specific quantity. The calculation is based on sell orders obtained from multiple venues. It is important to note that DRIVE Verify examines the entire order book and not just top of book, which is a common practise by competitor services.
DRIVE Verify sources price information from leading venues including Binance, Bitfinex, CoinBase and Kraken.
Links
Website: driveverify.com
API & Documentation: api.driveverify.com
Twitter: twitter.com/driveinsider
Medium: https://medium.com/drive-insider
Telegram: t.me/DRIVE_community
Facebook: facebook.com/officialDRIVEpage/
Email: [email protected]