Following the formation of the Crypto Market Integrity Coalition (CMIC), 13 crypto-based protocols have joined the association which was founded barely two months ago.
Among the new members are TRM Labs, Kaiko, Elliptic, Gemini, Chainalysis and Robinhood.
CMIC, which was originally established by 17 crypto exchanges and firms from around the globe, has a major goal of integrating principles necessary for maintaining transparency and efficiency of crypto business strategies.
Founding members of this initiative include BitMEX, Anchorage digital, Huobi Tech and Coinbase among others. It is led by Solidus Labs.
Membership is open to all industry participants, according to Katty Kraninger, the vice president of regulation at Solidus Labs who adds that risks must be mitigated to ensure the promises that come with crypto and DeFi are delivered.
Besides mitigating crypto risks, the association aims to provide training programs as well as encourage dialogue with regulatory bodies.
According to a representative of the CMIC, the body has a proactive tract record of having conversations with regulators around the world and extensive commitment to complying with KYC and AML standards.
Before the formation of CMIC, other coalitions such as GoodFi (formed by Radix) and Crypto Open Patent Alliance have been in existence since 2021 and 2020 respectively.