A total of 17 crypto-related companies have come together to form a new group called ‘Crypto Market Integrity Alliance (CMIC)’. The alliance will work on making the overall Crypto Market a safe place to do business. New York City-based innovation technology company Solidus Labs has taken the initiative to form the group. A total of 17 firms, including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency, have joined CMIC with a view to eliminating market misuse and manipulation.
With an aim to enhance security in the crypto market, CMIC is planning to work with regulators looking into various aspects of this sector. In a statement, the group said crypto firms are aware of concerns that still need to be looked into.
CMIC members are planning to meet regulators, join advanced training programs and monitor research reports related to the crypto space.
This development comes at a time when countries like the US, India, and Russia are looking for ways to regulate the crypto sector and protect people from its risks.
Companies such as Anchorage Digital, CrossTower, Elwood Technologies, and CryptoCompare have also joined as founding members of CMIC. Many more companies associated with digital assets can also become part of this group and contribute to improving the practice of the Crypto business.
Last year, the global crypto market capitalization had increased to $3 trillion. However, due to the volatile nature of the crypto sector and the environmental concerns associated with it, the market cap of more than $1 trillion has been wiped out in recent times. According to CoinMarketCap, the current market valuation of the crypto sector is $1.70 trillion.
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Ethan is a senior writer at Crunchoid Inc, where he covers media and advertising and co-hosts the Original Content podcast. Previously, he worked as a tech writer at a famous media publication and as a senior editor at a tech blog.