Davos: Solana and Circle Join Crypto Council for Innovation
In an announcement at the 2024 World Economic Forum in Davos, it was revealed that the Solana Foundation and Circle have become members of the Crypto Council for Innovation (CCI). The CCI is a global alliance focused on promoting innovation in the crypto industry. It advocates for inclusive regulation and has teams in various locations worldwide.
The CCI already includes organizations such as Coinbase, Fidelity Digital Assets, Jack Dorsey’s Block, OpenSea, and Gemini. Over the past year, the CCI has expanded its activities in Europe and published reports on topics such as sustainable Bitcoin mining.
As part of their membership, Solana and Circle will contribute their expertise to help shape sensible policies and foster global collaboration in the cryptocurrency space.
Solana: Championing Decentralization and Adoption
The Solana Foundation is a non-profit organization based in Switzerland that focuses on ensuring censorship resistance within the Solana network. It supports open-source development and encourages the growth of financial products and services on the Solana network through grants, reference implementations, and community support.
In recent years, the Solana network has experienced significant growth, particularly in 2021 and 2023. Despite some challenges in 2022, it saw a seven-fold increase in its decentralized finance (DeFi) total value locked (TVL) due to airdrops and the rise of decentralized exchanges (DEXs) on its network.
Circle: Issuer of USDC Stablecoin
Circle is the company behind USD Coin (USDC), one of the most widely used stablecoins globally. In 2023, Circle faced challenges when the temporary loss of the USDC peg caused a decline in market value. However, the issue was resolved with assistance from the Federal Reserve.
Although USDC’s market capitalization has decreased from its peak in the previous year, it still plays a significant role in the cryptocurrency industry. Its rival stablecoin, USDT, has surpassed it in terms of market capitalization.
Crypto Council for Innovation Welcomes Solana and Circle
Sheila Warren, the CEO of the Crypto Council for Innovation, expressed excitement about Solana and Circle joining the alliance. She emphasized that their collective experience and vision will contribute to promoting responsible innovation and supporting the transformative potential of digital assets and blockchain technologies.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, highlighted their commitment to responsible growth and innovation in the industry. He looks forward to collaborating with other members of the CCI to establish new standards for the sector and create a regulatory framework that fosters safe and sustainable growth in open finance.
Hot Take: Solana and Circle Strengthen Crypto Council for Innovation
The addition of Solana and Circle to the Crypto Council for Innovation further enhances its mission to drive innovation and advocate for sensible regulation in the crypto industry. With their expertise and experience, Solana and Circle will contribute to shaping the future of cryptocurrencies by promoting collaboration among industry leaders and policymakers. This alliance aims to establish a strong foundation for responsible growth, adoption, and decentralization within the crypto ecosystem. By welcoming these two influential players, the CCI takes a significant step towards fostering a more inclusive, robust, and well-informed crypto industry.
By
By
By
By