Kraken and Coinbase team up to develop crypto security standards
Date: 2024-07-11 Author: Gabriel Deangelo Categories: BUSINESS
US crypto trading giants Kraken and Coinbase have joined forces to create a new non-profit organization aimed at developing security standards in the crypto industry. These measures are necessary to protect the industry from emerging threats and increase user confidence.
The official Kraken website reports that the new organization is called the “Blockchain Security Standards Council.” The goal of the Council is to establish uniform security standards to increase confidence in the crypto industry. The founders also included such crypto companies as Anchorage Digital, Bastion, Figment, Fireblocks, Halborn, OpenZeppelin, Ribbit Capital and Sentinel Global.
Goals and objectives of the Council
By the end of 2024, the Council plans to have industry-specific security standards and a robust audit process in place. One of the key challenges will be working with regulators to create uniform requirements that protect consumers while promoting innovation.
The Council's founders emphasize the importance of creating consistent safety standards. This will help prevent many threats and strengthen user confidence in cryptocurrency platforms. The standards will cover various aspects of security, from technical solutions to operational procedures.
History of cooperation between Kraken and Coinbase
This is not the first joint initiative between Kraken and Coinbase. In 2019, they co-founded the Crypto Ratings Council, an organization that determined which tokens could be traded without regulatory oversight. However, despite these efforts, Coinbase and Kraken faced lawsuits from the US Securities and Exchange Commission in 2023.
The Blockchain Security Standards Council will actively engage with regulators to create uniform requirements. This will not only help protect consumers, but also stimulate innovation in the industry. The creation of such standards will be an important step in the regulation and development of the crypto industry.
The creation of the Blockchain Security Standards Council opens up new opportunities for the development and regulation of the crypto industry. Establishing common standards and active engagement with regulators will help prevent many threats and create a safer and more reliable ecosystem for all market participants.
