Wall Street Bitcoin Alliance launches – its mission is to promote adoption of digital currency and blockchain technology across financial markets

The Wall Street Bitcoin Alliance (WSBA) is an organization comprised of business and technology executives and leaders within the financial industry, including banks, broker-dealers, institutional investors and hedge funds. Its mission is to guide and promote comprehensive adoption of digital currency and blockchain technology across financial markets.

The WSBA will execute on this strategy by engaging with regulators, policymakers and technology innovators to guide the public dialogue about Bitcoin and blockchain technology, so that the financial markets can realize the full potential of these rapidly changing and innovative capabilities.

Says Ron Quaranta, Executive Director of WSBA: „Bitcoin and blockchain technology and protocols represent a seismic shift in how financial markets, and all aspects of the global economy, will operate in the future. As we work to incorporate and adapt these powerful technological advances to the world of ‘Finance 2.0’, having an organized, strategic approach will aid all participants understand and embrace the Bitcoin ecosystem.”

He added: „We believe that the long-term result will be more efficient markets, more cost-effective solutions for equity ownership, investment and trading, and ultimately greater value and wealth creation for all participants in the world of finance and trading.”

The group, which offers full membership to finance firms and associate membership for bitcoin companies, seeks to lobby government agencies and regulators on topics including regulation, innovation and the way digital currencies are taxed.

According to coindesk.com, WSBA’s announcement comes as more organisations are looking to bridge the gap between Wall Street and the digital currency space. Blythe Masters, a former JP Morgan executive, recently confirmed that she would be joining bitcoin trading platform Digital Assets Holdings LLC to allow financial institutions to trade digital currencies alongside digitised assets.

New York-based exchange Coinsetter recently announced Project High Line, a blockchain-based technology that claims to bring speed and transparency to Wall Street’s ‘outdated’ trading system. The Project will allow clients to view their funds on the blockchain in near real time.