Mexico has established its first blockchain association comprised of world-leading and domestic industry leaders, with ConsenSys as a founding member.

Who’s in?

As reported by Forbes Mexico, the new association has members that for a majority represent the cryptocurrency and finance facet of the industry. For example, Bitso and Volabit are Mexican crypto exchanges, and there is also BIVA, Mexico’s second stock exchange, as well as Lvna Capital, a crypto hedge fund based in Mexico City.

Additionally, UK private equity firm Exponent and Mexican investment and brokerage firm Grupo Bursatil Mexicano (GBM) are a part of the founding members. Among them is industry titan ConsenSys, a leading blockchain incubator studio based in Switzerland who recently partnered with Amazon, and has Ethereum co-founder Joseph Lubin at the helm.

Intentions

Speaking with Forbes Mexico, provisional president Felipe Vellejo said, “This technology has the objective of creating more transparent, safe and efficient procedures”. Therefore, the association is seeking to improve public education on the topic in order to introduce such benefits to society; the Blockchain Association of Mexico will also endeavor to define the standards and practices required for the Mexican blockchain sector to thrive.

Reportedly, the members desire to see blockchain utilized properly and avoid nefarious abuse of the tech, such as money laundering. For the association, it is imperative that the standards set in place are efficient and safe for use, allowing blockchain technologies to operate with as little friction as possible.

Speaking on the potential of blockchain, Exponent Capital founder Mouses Cassab said, “The current applications of the blockchain range from decreasing the costs of sending remittances and international payments, to the democratization of the financial system.”

Purpose

Blockchain-related associations can be considered somewhat an ambivalent topic as they can either be seen as an unnecessary barrier of entry for enterprise networking and resources or viewed as an essential component for the forwarding of a pro-blockchain agenda domestically and on a global scale.

That said, the Mexican association is the first of its kind to represent blockchain in the country, likely making it an invaluable entity on the domestic industry frontier. Naturally, the association is open to any organization and entity that wishes to join due to the versatile applications of blockchain across all industries.

Mexico is gradually emerging in the global blockchain community; in April, a Mexican hackathon resulted in the government announcing the trial of a public procurement procedure on the blockchain some months later. Additionally, Mexico held its first-ever blockchain event in August, Viva la Crypto!.

 

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