Kraken Exchange Donates $1M to Coin Center Blockchain Advocacy Group
It’s not uncommon to hear about blockchain technology, especially if one seriously follows the cryptocurrency industry. Even with the mass adoption of the technology, it is important to recognize that it is still far from perfect. Meaning, there is a great deal of research that still needs to be done and the more, the better. After all, it is always beneficial to perfect a system that is already pretty good.
We are very proud to announce our $1m donation to @coincenter, the Night's Watch of crypto. Additionally, we'll be matching 1:1 all other gifts, up to $1m, during May. We hope that you will join us in supporting their amazing and important work.https://t.co/2QGWwhunK3
— Kraken Exchange (@krakenfx) May 15, 2018
Since receiving the funds, Coin Center has already made strides to start the research process and through the best and most effective way possible – through a think tank. According to Jerry Brito, the executive director of Coin Center, Kraken will match any donation that is made during the month of May and up to a total of $1 million. The purpose of the project and funds is to promote a more informed regulation of the cryptocurrency and blockchain industries so that fraudulent ICOs can be pinpointed and taken down by the Securities and Exchange Commission.
In its own commentary, Kraken has stated the following:
“The great work that Coin Center does is extremely important and referenced by governments around the world. They’ve been ardent defenders of blockchain technology, cryptocurrency and innovation. Their work benefits the community, the industry and people who have yet to hear about Bitcoin. We are very proud to support their continued effort.”
Interestingly enough, Coin Center isn’t a cryptocurrency company per se. Rather, it is a non-profit think tank whose goal is to promote public policy for blockchain technology. With its efforts, the think tank aims to educate the public, to promote growth and innovation, and to ensure that there is accurate data by which informed and intelligent decisions can be made. Moreover, it seems that Coin Center’s position concerning cryptocurrency does not align with that of the SEC.
According to Coin Center, when discussing ether in particular, it seems that it cannot be categorized aS a security. As Peter Van Valenburgh, Coin Center’s Director of Research has stated:
“The value of ether and functionality of the Ethereum network is not reliant on the Foundation, rather it flows from the efforts of thousands of unaffiliated developers, miners, and users.”
Further, without a contract or expectation of value in general use, there cannot be an investment, and therefore no security. Of course, this point is still contested and whether it is or is not a security will depend upon future litigation and its outcomes.
Those who are interested in learning more about Coin Center’s research and its approach to blockchain research can do so by following the news as it comes out. The developments are poised to be great, especially due to the magnitude of the investment and the excitement that exists concerning blockchain technology, its qualities, and the benefits that research has to offer.