The Wall Street Bitcoin Alliance (WSBA) has launched to promote digital currency and blockchain technology adoption in the financial markets.
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.
Ron Quaranta, executive director of WSBA, said:
"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."
He added: "We believe that the long-term result will be more efficient markets, more cost-effective solutions for equity ownership, investing and trading, and ultimately greater value and wealth creation for all participants in the world of finance and trading."
In additional to Quaranta, the executive committee includes Christian Martin, CEO of TeraExchange; James Jalil, lawyer and head of the cryptocurrency practice at Thompson Hine; and Gil Luria, managing director at Wedbush Securities.
Bridging the gap
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Project High Line, a blockchain-based technology that claims to bring speed and transparency to Wall Street's 'outdated' trading system.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.