The University of Cambridge, the 4th oldest university in the world, has announced that it will collaborate with some of the world’s top banking institutions and private companies to promote a new project targeting cryptocurrency research.
Cambridge University Launches Crypto Research Project
The Cambridge Center for Alternative Finance (CCAF) announced on Monday that it has launched a research initiative that aims to bring more insight into the rapidly growing digital asset industry.
Dubbed the Cambridge Digital Assets Program, or CDAP, the project established a public-private partnership with 16 companies, including public institutions such as the Bank for International Settlements Innovation Center and the International Monetary Fund. The initiative also includes banks like Goldman Sachs, finance giants like Mastercard and Visa, and major exchange-traded funders like Invesco.
Other contributors include British International Investment, Dubai International Financial Centre, Ernst & Young, Fidelity, UK Foreign Affairs, Commonwealth of Nations and Development Office, Inter-American Development Bank, London Stock Exchange Group, MSCI and the World Bank.
The Initiative Will Focus on 3 Main Areas
With this initiative, CDAP aims to provide evidence-based public dialogue about the opportunities and risks associated with growing cryptocurrency adoption. The program will focus on three main areas, including crypto’s environmental impacts, infrastructure and digital assets including stablecoins, central bank digital currencies and cryptocurrencies.
According to the announcement, the program builds on CCAF’s current work in the crypto industry, including the development of the Cambridge Bitcoin Electricity Consumption Index CBECI. CBECI is a widely referenced index to provide the global Bitcoin (BTC) mining hashrate distribution percentage across countries.
CCAF’s other crypto research developments include the Global Cryptoasset Benchmarking Study series, designed to address ecosystem trends, inform regulatory and policy debates, and provide others.
Aims to Meet the Needs for Greater Clarity
CCAF executive director Bryan Zhang made the following statements in his statement on the subject;
“The Cambridge Digital Assets Programme we launched today aims to meet the emerging need for greater clarity by providing data-driven insights through collaborative research involving public and private stakeholders.”
According to CCAF digital assets lead Michel Rauchs, CDAP will provide decision makers with the objective analysis and empirical evidence they need to navigate the digital assets industry.
As previously reported, some global regulators are increasingly concerned about the risks associated with the lack of standardized and reliable data in the cryptocurrency industry.
In mid-February, the Financial Stability Board warned that the crypto market lacks consistent and transparent data and its links to the core financial system, posing a significant risk amid rapid crypto adoption.