Credit agencies are getting in the game!

My friend @armentor shared a link with me this morning.

https://finance.weissratings.com/crypto/

Weiss Announces First Bitcoin and Cryptocurrency Grades by U.S. Rating Agency

“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” said Weiss Ratings founder, Martin D. Weiss, PhD.

We have to wonder who this Weiss guy is to know how meaningful this is.

Here is what I found on their site:
The History of Weiss Ratings
In 1971, Dr. Martin D. Weiss founded his research firm, reviewing U.S. banks for consulting clients and newsletter subscribers. The acquisition of the bank ratings division of T.J. Holt & Company in 1987 launched Dr. Weiss into the rating business, and later that year the company published its first guide rating 13,000 banks and savings and loans.

According to thebalance.com (article link below), "Weiss ratings are comprehensive and easy to understand for consumers looking to find the right company for their insurance needs. Its service is comparable to other insurance rating organizations such as A.M. Best, Fitch Ratings and Standard and Poor’s. "

EOS and Ethereum got highest rates of B, same rating as JPMorgan Chase Bank and Citibank!

Remember that the best ratings agencies were giving AAA or A+ ratings to securities called CMOs, or CDOs.

No matter what, do your own due diligence. Buyer beware.

Big picture, it is a positive for the crypto world to see financial intermediaries wanting a piece of the action. Simply means there is institution demand for this work.Therefore, there is institutional demand to understand the asset class of digital assets.

Sources:
https://weissratings.com/our-mission
https://www.thebalance.com/weiss-ratings-comprehensive-ratings-and-analysis-1969750