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Fintech giants Fidelity, Square, and Coinbase have partnered to launch a lobbying group to correct the “wrong impressions” around cryptocurrency.
The collaboration has been tagged Crypto Council for Innovation (CCI). A website has also been launched to communicate the transformational benefits of crypto to regulators and policymakers around the world. The Wall Street Journal reported about the collaboration on Tuesday.
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The trade group also said the need to unite about the interests of cryptocurrency businesses is coming when society is having too many “wrong impressions” about the crypto industry.
The partnership will help to solve economic issues
The partnership will also address the potential of using cryptocurrency to solve economic problems and foster growth.
It also aims to ensure security, encourage financial inclusion, and promote job creation by sharing expert opinions about the global cryptocurrency ecosystem. The aim is also to address misinformation and misperceptions within the industry.
The group also wants to offer support to institutions and governments to enhance a clear regulation of cryptocurrencies.
The cryptocurrency industry is growing at a rapid pace, even though there are still challenges when it comes to regulation and mainstream adoption. The partnership is coming when valuations of all cryptocurrencies have reached a record high of $2 trillion.
Balancing risks and rewards in the crypto sector
The CCI has dedicated itself to get all participants together through guidance and education on a common platform. The new group also stated that it will help in researching 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 accessed the potential of blockchain and digital currencies, adding that they could help solve the economic problem of unemployment.
Hence, policymakers are looking to balance risk and rewards. This will benefit those within the crypto space and users who may likely join in the future, the group reiterated.