The Crypto Council for Innovation (CCI) is made up of crypto giants like Coinbase, Fidelity Digital Assets, Paradigm, and Square.
In terms of applicability and market capitalization, cryptocurrencies are growing at breakneck speeds, the latter being almost record high at $2 trillion.
With this increasing popularity, businesses and multinational investor banks are entering the industry to provide their customers with cryptocurrency-based services.
Although the anti-Bitcoin laws are strongly opposed, the industry still prospers. The formation of the Innovation Crypto Council bears witness to the development and resilience of the industry.
The Innovation Crypt Council
The Crypto Council for Innovation is, as its name implies, a trade group created by industry manners to encourage ecosystem innovation. The Council is also seeking to use its influence in order to erase existing wrong ideas and to lobby legislators in order to encourage the application of cryptocurrencies’ “transformative technology.”
As part of its agenda, the Crypto Council for Innovation aims at increasing the applicability of cryptocurrencies in regions not traditionally reciprocated by blockchain technology.
The Council noted the important advantages of cryptocurrencies in its Mission Statement, particularly in stimulating international economic growth, creating jobs and improving financial inclusion.
It was further clarified in the Mission Statement that the founding members will use their expertise to clarify misunderstandings about cryptocurrencies. They also aim to “support governments and institutions around the world” to “unlock the potential and improve life.”
On the other hand
A number of crypto analysts and commentators described the new guidelines of the SEC as a “cryptocurrency deletion program.”
Blockchain company LBRY tried to fight the SEC against the industry.
The LBRY CEO says “all active developments in blockchain are at risk in the SEC suit against his company.”
The Crypto Innovation Council includes several of its founding members, such as Coinbase, Paradigm, Square, and Fidelity digital assets, who are leading actors in the cryptocurrency industry.
Coinbase is a cryptocurrency exchange operated in more than 43 million customers in over 90 countries from the United States with an ever growing user base. Established in 2012, Coinbase was valued at $100 billion in anticipation of its International Protection Organization (IBO).
Paradigm is a crypto-centered investor company that provides financial support to crypto-companies, protocols and currencies that have the potential to revolutionize the industry.
Square was founded by Jack Dorsey and Jim McKelvey and is the next founding member of the Crypto Council for Innovation. Square is a San Francisco-based digital payment company that has recently developed a cryptocurrency affinity, which regularly buys and holds big Bitcoin amounts.
In the meantime, Fidelity Digital Assets seeks to create institutional Bitcoin custody services for its customers and crypto-based services.