21Shares are pleased to release the Q3 2023 update of the Global Crypto Classification Standard (GCCS), developed by 21Shares and CoinGecko. This initiative serves as an industry taxonomy to demystify the misconceptions about cryptoassets and shed light on commonalities and differences of this burgeoning asset class. Twice a year, we will update GCCS to reflect the rapid evolution of this space.
This update aims to amend some categorizations within each level (1-3) to simplify Global Crypto Classification Standard and help investors better understand the crypto space. These are the key takeaways:
LEVEL 1 – Crypto Stack
• In Level 1, we have changed “Cryptocurrencies” to “Payment Platforms” to be more consistent with the other parts of the stack. To make it more intuitive, we also changed “Interoperability” to “Cross-Chain Platforms” and “Scaling” to “Scaling Platforms.”
LEVEL 2 – Sectors and Industries
• In Level 2, we implemented many changes regarding the sector names and industries. For instance, re-classified “Payment Platforms” under the infrastructure sector to be more precise. The new categorization will allow payment platforms like Bitcoin Cash, Litecoin, Ripple, and Stellar to be in the same industry.
LEVEL 3 – Taxonomy of Cryptoassets
• Here, we made a few changes, such as removing “Staked Currency” and adhering to “Native Currency” only. At the token level, we introduced “Stablecoins” as a new category and placed the three types of stables (fiat-collateralized, anchored, reflexive) as a sub-category. We also added “meme tokens” to the taxonomy as they don’t belong in Level 2, solving the issue of categorizing tokens like SHIB and PEPE as cryptocurrencies.
Acknowledgements
We thank CoinGecko for their invaluable contributions to the development of GCCS. When we released GCCS, our goal was to provide a clear framework for traditional and crypto-native investors alike to understand the various sectors and industries that compose this emerging asset class. As we improve that first version, we hope GCCS consolidates as a timeless guide for the community to navigate the crypto space.
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