According to the website of the Crypto Council for Innovation, the alliance aims to increase awareness of the various benefits of cryptocurrencies to regulators and policymakers. The website mentions such benefits as boosting economic growth, creating jobs, improving privacy, and improving financial inclusion. In particular, the group aims to generate more awareness about crypto and its benefits. Achieving this would involve educating policymakers, establishing government relations, and performing research in the crypto space, the website says.

Some altcoins have performed very well in the past week. As a result, on Monday, April 5, the price increase of many tokens at once has pushed the crypto market cap over $2.02 trillion, although it is now down to around $1.88 trillion, per CoinMarketCap.com data.

The establishment of the Crypto Council for Innovation also comes during the time of increasing adoption of cryptocurrencies by institutions. Cryptocurrencies are part of portfolios of companies like Tesla, MicroStrategy, Square, and Meitu. Moreover, Goldman Sachs and Morgan Stanley recently started offering digital investment support for their wealthy clients.

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Meitu is a company founded in 2008 specializing in AI-driven technologies for photo and video processing. They released several beauty apps and have a listing on the Hong Kong Stock Exchange since 2016. Years later, now Meitu apps have a large user following, both in China and internationally.

With the $40 million investment, the beauty app maker joined a number of companies that already invested in cryptocurrency. A month ago, Tesla revealed the purchase of Bitcoin worth $1.5 billion in the annual SEC filing. Shortly after, Square and MicroStrategy increased their Bitcoin investments, with these companies buying 3,318 and 19,452 Bitcoins, respectively.

Despite the Bitcoin hype among institutional investors, Meitu’s investment in altcoin Ether is also substantial. However, it is not the only company that invested in crypto other than Bitcoin. For instance, Grayscale Investments also recently purchased altcoins, including Ether, Litecoin, and Stellar Lumens.

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According to MarketWatch, Square has recently purchased Bitcoin worth $170 million. The company’s revenues and the number of users of their Cash App increased amidst the interest of the public in cryptocurrency and equities trading.

Square bought Bitcoin previously in October 2020. According to the press release, back then, the company purchased about 4,709 Bitcoins, which were worth about $50 million. With the current purchase of about 3,318 Bitcoins, around 5% of Square’s cash, its equivalents, and securities are represented by the cryptocurrency, as per MarketWatch.

MicroStrategy purchased additional 19,452 Bitcoins worth about $1.026 billion, according to a press release. The size of this single cryptocurrency investment so far is only second to Tesla’s $1.5 billion purchase. The new investment brings the company’s cryptocurrency assets to about 90,531 BTC. The CEO, Michael J. Saylor, said that MicroStrategy would continue to use excess cash to purchase more Bitcoin, as per the press release.

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