Bitcoin [BTC] proponent: Galaxy Digital is pleased to be a founding ADAM member

This week has been relatively good for the cryptocurrency space than the previous weeks. The main attributes for this is the rise of several cryptocurrencies in this bearish weather and the announcements made by some key players in the space.

This includes the news regarding Nasdaq’s plan of launching Bitcoin futures, Messari’s announcement pertaining to the launch of a registry and the most important one being the formation of Association for Digital Assets Markets [ADAM].

ADAM is formed with the main intention of regulation the unregulated cryptocurrency market, which has been the main concern of regulators and institutional investors. They have stepped into the space with the mission “to foster fair and orderly digital asset markets.”

The focus will be on protecting the participants of the cryptocurrency space from manipulation and fraud. This will also include setting rules and standards for efficient trading, custody, clearing, and settlement of virtual currencies. Additionally, the association will work towards increasing transparency and provide clarity on the cryptocurrency markets to governments and the public.

They association announced on a blog post:

“What we stand to gain by cooperating to build an infrastructure that begets confidence in superior in every way to what we stand to lose by delaying these hard questions or risking an expansion of bad behaviors that invite suspicion, hinder progress, and prevent these markets from realizing their full potential.”

The members of the association include well-renowned players in the space such as Galaxy Digital, Cumberland, Genesis Global Trading, Paxos, Bit0oda, BTIG, GSR, Hudson River Trading, Symbiont, and XBTO.

Mike Novogratz said on Twitter:

“Given all the bad news of this crypto liquidation, it’s nice to welcome @DigAssetMarkets. Galaxy Digital is pleased to be a founding #ADAM member.”

Additionally, the association will make use of any existing case, rules and regulation of the cryptocurrency space imposed by regulatory bodies and governments such as SEC, CFTC, NFA, SIFMA, and ISDA. This will be used to ensure market integrity, risk management, price manipulation, cybersecurity, user data protection, custody of customer assets and more.

Recently, Fidelity announced that they will be launching their own cryptocurrency custody solutions. Along with the announcement of stepping into the cryptocurrency marketplace with Fidelity Digital Assets, the fourth-biggest asset management firm disclosed that their first custodian would be Galaxy Digital.