Crypto Market Integrity Coalition: 17 Firms Including Coinbase, Huobi Tech Pledge to Combat Industry Cons

Solidus Labs, a New York City-based information technology company has initiated the formation of the CMIC.

By Radhika Parashar | Updated: 8 February 2022 18:55 IST

Crypto Market Integrity Coalition: 17 Firms Including Coinbase, Huobi Tech Pledge to Combat Industry Cons

Photo Credit: Pexels/ David Mcbee

More digital asset players can also pledge their support to the CMIC

Highlights

CMIC is inviting support from more crypto players
A total of 17 crypto-focused companies have joined so far
CMIC aims to curb business malpractices in crypto space

A total of 17 crypto-related companies have come together to form a new group called the “Crypto Market Integrity Coalition (CMIC)”. As the name suggests, this group will work on making the overall crypto market a safe space for conducting business. Solidus Labs, a New York City-based information technology company has initiated the formation of this group. A total of 17 firms including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency have joined the CMIC with the aim to eradicate practices of market abuse and manipulation.

Intending to increase safety in the crypto market, the CMIC is planning to work with regulators and open discussions touching different aspects of the crypto sector.

“Crypto firms are keenly aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to crypto's unique challenges,” the newly formed group said in a statement.

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CMIC members plan to meet regulators, engage in advanced training programmes, and monitor research reports around the crypto space to identify issues.

“The pledge's initial goal is to bring unity and action at an industry level, across CeFi (centralised finance), DeFi (decentralised finance), and all digital assets,” said Asaf Meir, Co-founder and Chief Executive of Solidus Labs.

The group will also work around data-sharing and shared-surveillance frameworks that can address the cross-market supervision challenge, which is presently a matter of concern in the crypto industry.

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The development comes at a time countries like the US, India, and Russia among others are finding ways to regulate the crypto sector and safeguard their citizens from the risks linked to this space.

Anchorage Digital, CrossTower, Elwood Technologies, and CryptoCompare are other companies that have joined the CMIC as founding members.

More digital asset players can also reserve their places as part of this foundation and participate in fine-tuning crypto business practices.

Last year, the global crypto market capitalisation rose to $3 trillion (roughly Rs. 2,15,66,720 crore) and created an fresh all-time high so far.

Due to the volatile nature of the crypto sector and environmental concerns linked to it, over $1 trillion (roughly 70,00,000 crore) was wiped off its total market cap in recent days.

As per CoinMarketCap, the current market valuation of the crypto sector is $1.70 trillion (roughly Rs. 1,26,38,492 crore).

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Further reading: Cryptocurrency, Coinbase, bitstamp, BitMex

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More