The crypto markets have been quite volatile since April 2019 when Bitcoin re-awakened. Since then, many other developments have come about including Facebook’s Libra whitepaper unveiled on June 18. As the nascent industry strives to take a direction, the regulators are coming in quite hard trying to dominate the seemingly indomitable sector.
According to a press release on July 31, Huobi and Global Digital Finance (GDF) have joined hands to create crypto standards. The press release further went on to state that the exchange has partnered with major crypto companies to undertake the new venture. These companies include Coinbase, R3, Circle, ConsenSys, Hogan Lovells, Diginex, and DLA Piper.
These companies have formed the organization’s Patron Board and Advisory Council. The patron board allegedly supports GDF in the creation of its global strategy and acquiring new partners.
Additionally, the release goes ahead to claim that now co-chairs of GDF’s Market Integrity Working Group will strive to counter market manipulation, wash trading, and many other abusive practices currently thriving in the crypto sector.
Huobi Global Sales and Institutional Business’ Head of Europe and the Americas, Josh Goodbody, commented:
“Maintaining the public’s trust that markets are fair and transparent is crucially important if we want our industry to grow.”
Teana Baker-Taylor, GDF’s Executive Director, also commented on this partnership. She said that the credibility and integrity of crypto markets are, for now, major challenges for the mainstream and institutional acceptance of digital assets. These issues are also a primary concern for the regulators around the world.
Teana went on to describe the underlying purpose of the institution stating:
“The goal of GDF’s Market Integrity Working Group is to devise a set of pragmatic, implementable guidelines that; if adopted by digital asset service providers, will promote a fair, ethical and transparent industry.”
With time, such initiatives are set to bring sanity to the murky crypto markets. With stability introduced, more institutional investors will dive in and the crypto sector will achieve great success in the long-term.