The Centre for Alternative Finance (CCAF) at Cambridge University in collaboration with some key financial institutions has launched a crypto research project which is aimed at providing further insight into the rapidly increasing digital asset business.
In a prepared statement, CCAF executive director Bryan Zhang said, “The Cambridge Digital Assets Programme that we are launching today aims to meet the resulting need for greater clarity by providing data-driven insights through collaborative research involving public and private sector stakeholders.”
British International Investment, Ernst & Young, Fidelity, and the World Bank are among the collaboration’s other participants. Goldman Sachs and payment giants Mastercard and Visa are among the banks involved in the agreement. There are a total of 16 companies involved.
“In order to bring the benefits of digital currencies to life in a sustainable, inclusive, and safe fashion, industry collaboration and public-private partnerships will be critical,” said Terry Angelos, SVP and Global Head of Fintech at Visa.
Cambridge and blockchain technology
The Cambridge Digital Assets Programme builds on prior Cambridge University blockchain and cryptocurrency research.
The Cambridge Bitcoin Electricity Consumption Index, published by the CCAF, is a frequently cited source for Bitcoin’s yearly electricity consumption, which, according to current data, is around 130 terawatt-hours per year.
Following a big flight of miners from China following the Chinese government’s ban on crypto mining in 2021, the same department revealed data showing that the United States had become the world’s largest market for Bitcoin mining.
Other members of the Cambridge-led partnership have previously worked in the cryptocurrency industry.
The Bank of International Settlements has already expressed concerns about bitcoin, stating in December of last year that the crypto business, specifically decentralized finance (DeFi), could jeopardize global financial stability.
In a paper that highlighted the flagship cryptocurrency’s energy use and role in money laundering, the bank earlier stated that Bitcoin has “few redeeming public interest features.”
