The University of Cambridge is reportedly forming partnerships with a few of the top-tier banking entities and private firms across the globe, to roll out a new initiative focusing on cryptocurrency research.

Specifically, The Cambridge Center for Alternative Finance (CCAF) has reportedly introduced a new research project, primarily focusing on generating extra insights regarding the fast-growing digital asset sphere.

The initiative – going by the name “Cambridge Digital Assets Programme” (CDAP) – reportedly functions as a public-private partnership with 16 firms, including public institutions such as the Bank for International Settlements Innovation Hub and the International Monetary Fund.

The project additionally saw the participation of banks such as Goldman Sachs, financial heavyweights like Mastercard and VISA, together with high-profile exchange-traded fund providers like Invesco.

Additional entities joining the project reportedly include British International Investment, Dubai International Financial Center, Ernst & Young, Fidelity, the United Kingdom’s Foreign, Commonwealth, and Development Office, Inter-American Development Bank, London Stock Exchange Group, MSCI, and the World Bank.

The CDAP – as its primary goal – is reportedly going to initiate an evidence-based public dialogue regarding the opportunities and risks that come with the rapidly developing cryptocurrency adoption. 

The program reportedly targets three aspects including crypto’s environmental implications, infrastructure, and digital assets, including stablecoins, central bank digital currencies, and cryptocurrencies.

Per the announcement, the program is reportedly developed on the current work in the crypto sphere of the CCAF, including the design of the Cambridge Bitcoin Electricity Consumption Index, CBECI. 

The CBECI is a widely-referenced index that offers the global Bitcoin (BTC) mining hash rate distribution percentage throughout nations.