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Major Bitcoin Players Including Fidelity, Paradigm, Square, and Coinbase Come Together to Promote Crypto

CryptocurrencyApr 08, 2021 11:30AM ET
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Major Bitcoin Players Including Fidelity, Paradigm, Square, and Coinbase Come Together to Promote Crypto

  • Some major players in the Bitcoin industry have banded together to form a trade group to advance their collective agenda.
  • The Crypto Council for Innovation (CCI) is made up of crypto giants like Coinbase, Fidelity Digital Assets, Paradigm, and Square.
  • The primary aims of the newly formed trade group are to carry out important research projects and to lobby legislators to pass crypto-friendly bills into law.
  • The formation of a trade group signals the massive growth of the cryptocurrency industry. In the near future, new groups could evolve to champion the cause of cryptocurrencies.

Cryptocurrencies are growing at break-neck speeds, in terms of both applicability and market capitalization, with the latter almost reaching a record high of $2 trillion.

In light of this soaring popularity, corporations and multinational investment banks are wading into the sector to provide cryptocurrency-based services to their customers.

Despite stiff opposition from anti-Bitcoin legislation, the industry continues to thrive. The formation of the Crypto Council for Innovation is a testament to the industry’s growth and resilience.

The Crypto Council For Innovation

As its name implies, the Crypto Council for Innovation is a trade group created by industry behemoths to stimulate innovation in the ecosystem. Also, the Council seeks to use its influence to erase existing misconceptions and lobby legislators to promote the application of the “transformational technology” of cryptocurrencies.

The Crypto Council for Innovation has a worldwide reach as part of its agenda, seeking to improve the applicability of cryptocurrencies in regions that are not traditionally receptive to blockchain technology.

In its mission statement, the Council noted the significant benefits of cryptocurrencies, particularly in terms of stimulating international economic growth, creating jobs, and improving financial inclusion.

The mission statement further explained that the founding members of the organization will utilize their expertise to clear up misconceptions about cryptocurrencies. They also intend to “support governments and institutions worldwide” in a way that will “unlock potential and improve lives.”

On the Flipside

  • Many crypto analysts and commentators have described the SEC’s new guidelines as a “cryptocurrency suppression program.”
  • Blockchain firm LBRY has tried to rally the industry against the SEC.
  • The CEO of LBRY says that the SEC’s lawsuit against his company puts “every actively developed blockchain at risk.”

The Founding Members

The Crypto Council for Innovation has among its founding members several leading players in the cryptocurrency industry, including Coinbase, Paradigm, Square, and Fidelity Digital Assets.

Coinbase is a cryptocurrency exchange that operates out of the United States with an ever-growing user base of more than 43 million customers in over 90 countries. Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has been valued at $100 billion ahead of its IPO.

Paradigm is a crypto-centric investment firm established to give financial backing to crypto firms, protocols, and currencies that have the potential to revolutionize the sector.

The next founding member of the Crypto Council for Innovation is Square, which was founded by Jack Dorsey and Jim McKelvey. Square is a digital payments company that operates out of San Francisco and has recently developed an affinity for cryptocurrency, regularly purchasing and holding large amounts of Bitcoin.

Fidelity Digital Assets, meanwhile, seeks to create institutional-grade Bitcoin custody and crypto-based services for its customers.

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Major Bitcoin Players Including Fidelity, Paradigm, Square, and Coinbase Come Together to Promote Crypto
 

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