Reflecting the growth of the sector in the year, the United States-based Blockchain Association more than doubled in size and quadrupled its funding this year, compared to 2020.
The analysis by specialist site The Block shows that the association, which also acts as a lobbying organisation for the sector in the US capital, has increased its membership from 28 to 65 firms since the beginning of the year, with its budget jumping from US$ 2 million in 2020 to almost US$ 8 million for the current year.
The growth coincides with increased activities by regulators and legislators in the US regarding Blockchain and cryptocurrencies. But the association’s growth also reflected a rise in market interest in non-fungible tokens (NFTs) and gaming. Speaking to The Block, the Blockchain Association’s executive director, Kristin Smith, added that ‘it’s a lot easier for a policymaker to see an NFT and visualise what a digital collectible is than to visualise what a Bitcoin is’.
Despite the growth in revenue and membership, Smith added that ‘to really be a mature trade association we need to be at about US$ 20 to US$ 30 million’ in terms of annual budget.
"Lobbying at times can get bad press but it is important that the industry engages with policy and law makers in critical markets like the United States to ensure that the right level of regulation and controls are in place, to protect consumers whilst also allowing the sector to grow."
Commented the Dynasty Global Investments AG’s founder and CEO, Eduardo Carvalho.