Financial technology giants Fidelity, Square, and Coinbase have partnered to launch a lobby group to correct ‘misperceptions’ around cryptocurrencies.
The collaboration has been labeled Crypto Council for Innovation (CCI). A website has also been launched to communicate the transformative benefits of crypto to regulators and legislators around the world. The Wall Street Journal reported on the collaboration on Tuesday.
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The trade group also said that the need to unite around the interests of cryptocurrency companies comes when society has too many “wrong impressions” about the cryptocurrency industry.
The association will help solve financial problems.
The association will also address the potential of using cryptocurrencies to solve economic problems and foster growth.
It also aims to ensure security, foster financial inclusion, and promote job creation by sharing expert opinions on the global cryptocurrency ecosystem. The goal is also to address misinformation and misperceptions within the industry.
The group also wants to offer support to institutions and governments to improve clear regulation of cryptocurrencies.
The cryptocurrency industry is growing at a rapid rate, although there are still challenges when it comes to regulation and widespread adoption. The partnership will come when the valuations of all cryptocurrencies have reached a record $ 2 trillion.
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Balancing risks and rewards in the cryptocurrency sector
ITC has dedicated itself to bringing all participants together through orientation and education on a common platform. The new group also stated that it will help research more projects in the industry.
CCI is convened by Paradigm and aims to prioritize consensus on crypto-based policy for a better crypto environment.
Advocates have tapped into the potential of blockchain and digital currencies, adding that they could help solve the economic problem of unemployment.
Therefore, policymakers seek to balance risk and rewards. This will benefit those within the crypto space and users likely to join in the future, the group reiterated.