Although the crypto sector as a whole is growing at a steady pace, several key aspects are dragging down its growth. However, major firms which form part of Global Digital Finance (GDF) are working alongside each other to get rid of the drawback causing the slow growth.
Through its patrol body, the GDF is working with its partners to address challenges coming from business models, practice standards, compliance and market integrity in place. For that, the GDF is working with R3, Hogan Lovells, Diginex, DLA Piper, ConsenSys, Coinbase, and Circle. However, its most recent member to join the Patrol Body and Advisory Council is Huobi.
As a member of the Patron Board, Huobi will assume roles of developing GDF global strategy of crafting the best practices together with standards in the crypto sector. Similarly, Huobi will also work with other members to increase GDF community membership. However, since Huobi will become the new GDF Market Integrity Working Group co-chair, Huobi is set to assume new responsibilities.
Huobi’s New Work as Market Integrity Co-Chair
Apart from just assuming the above roles, Huobi will also be responsible for addressing issues such as market manipulation, wash trading, among other abusive practices. The latter will go a long way in helping maintain public trust and ensure market fairness which will, in turn, bring transparency in the market.
“At Huobi we are taking the sector by the horns and fighting from the front. By assuming the roles of the Market Integrity co-chair, we can help solve these issues as they come and bring credibility in the market.” Josh Goodbody, Head of Europe & the Americas, Huobi Global Sales and Institutional Business.
Mr. Goodbody’s sentiments were echoed by GDF’s Executive Director, Teana Baker-Taylor who said;
“The primary goal of the GDF’s Market Integrity is to create pragmatic solutions and working frameworks to be adopted by digital asset service providers. Besides that, their work will help bring integrity and credibility in the industry.”
Apart from the above, Huobi also has to conform to Part I and III of GDF Codes of Conduct. The Codes of Conduct form the basis of GDF global operations and are all aimed at promoting fairness in the market.