The government of the Canton of Zug is supporting a newly launched trade group that aims to promote the use of blockchain technology in the asset management industry.
Announced during the first annual M-0 blockchain conference in Switzerland’s “Crypto Valley,” the Multichain Asset Management Association (MAMA) comprises of 20 companies at inauguration, including Melonport, ConsenSys uPort, Virtual Capital Ventures, Bitcoin Suisse and Crypto Fund AG, among others.
With the support from Canton of Zug’s Department of Economic Affairs, the group’s establishing members feature asset management firms, financial institutions and service providers in the blockchain industry. According to a press release, MAMA aims to achieve its aims by promoting blockchain security, defining industry standards and advancing industry-wide best practices, among other objectives.
Mona El Isa, co-founder and CEO of Melonport, said in a statement:
“We created MAMA to facilitate a forum for leaders across all industries to discuss, plan and engage with one another to drive innovation and positive change in the asset management industry as we build out this technology together in the coming years.”
The effort highlights blockchain’s growing footprint within Switzerland, both in terms of cryptocurrencies as well as applications of the tech beyond currency.
For example, Zug began accepting cryptocurrency payments for government services back in 2016 – a move followed by the municipality of Chiasso in September.