Leading Digital Exchanges Launch “Crypto Market Integrity Alliance” With Aim To Enhance Security In The Crypto Market - TechyWebTech
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Leading Digital Exchanges Launch “Crypto Market Integrity Alliance” With Aim To Enhance Security In The Crypto Market

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    New York City-based information technology company Solidus Labs has initiated the formation of this group.

    A total of 17 firms, including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency, have joined CMIC with the aim of eliminating market abuse and manipulation practices.

    A total of 17 crypto-related companies have come together to form a new group called the "Crypto Market Integrity Coalition (CMIC)".

    Founding members of the 17-strong group include Solidus Labs, Coinbase, Huobi Tech, Circle, GSR and Anchorage Digital.

    As the name suggests, this group will work on making the overall crypto market a safe place to trade.

    New York City-based information technology company Solidus Labs has initiated the formation of this group.

    A total of 17 firms, including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency, have joined CMIC with the aim of eliminating market abuse and manipulation practices.

    The alliance also includes Crosstower, BitMEX, GSR, Bitstamp, Elwood, CryptoKitties, Security, MV Index Solutions, Chamber of Digital Commerce, Global Digital Finance and CryptoUK.

    With the intention of increasing security in the crypto market, CMIC plans to work with regulators and open discussions touching various aspects of the crypto sector.

    "Crypto firms are 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.

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

    The group will also work around a data-sharing and shared-monitoring framework that can address the cross-market supervision challenge, which is currently a concern in the crypto industry.

    This comes at a time when countries such as the US, India and Russia are looking for ways to regulate the crypto sector and protect their citizens from the risks associated with this space.

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

    Digital asset players can also reserve their positions as part of this foundation and participate in correcting crypto trading practices.

    Last year, the global crypto market capitalization was $3 trillion (approximately Rs 2,15,66,720 crore). and set a new all-time high.

    Due to the volatile nature of the crypto sector and the environmental concerns associated with it, a total market capitalization of over $1 trillion (approx.

    According to CoinMarketCap, the current market valuation of the crypto sector is $1.70 trillion (approximately Rs 1,26,38,492 crore).

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