Cryptocurrency industry executives appeared before the U.S. Congress on Wednesday to defend the industry. They argued the technology in crypto holds promise for the future as lawmakers and regulators look to regulate the space.

Visa has unveiled a new cryptocurrency consulting arm. The financial services giant hopes the new initiative will facilitate mass adoption of Bitcoin and other cryptocurrencies while helping its clients navigate the crypto sector.

Cryptocurrency-focused private equity firm 10T Holdings is set to raise $500 million in a new fund for the digital asset ecosystem. The firm has already raised $750 million since it was founded last year.

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Top stories in the Crypto Roundup today:

• Crypto CEOs Defend Industry in U.S. Congress
• Visa Launches Crypto Consultation Service
• 10T Holdings to Launch $500 Million Fund for Late-Stage Crypto Firms
• What Is a Gold-Backed Cryptocurrency?
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Crypto CEOs Defend Industry in U.S. Congress

Cryptocurrency industry executives appeared before the U.S. Congress on Wednesday to defend the industry. They argued the technology in crypto holds promise for the future as lawmakers and regulators look to regulate the space.

The House Financial Services Committee called the hearing in a bid to improve lawmakers’ understanding of cryptoassets and the sector. While these assets are criticized for their volatility and risk, crypto CEOs defended them, saying that they can make financial transactions faster, cheaper, and more accessible to people throughout the world.

Senior executives from cryptocurrency exchanges, including FTX and Coinbase, testified along with executives from Bitcoin mining firm Bitfury, cryptocurrency payments system Stellar, and blockchain firm Paxos.

At the hearing, crypto executives argued the industry doesn’t fit neatly within the existing structure of financial regulations in the U.S. and called on lawmakers to consider tailor-made legislation for the crypto industry.

Coinbase’s Chief Financial Officer, Alesia Haas, said that “because of their nascent stage of development and unique underlying technology, digital assets trade in markets that are fundamentally different from traditional financial markets.” As a result, Haas said existing regulatory regimes “do not accommodate this new technology.”

Visa Launches Crypto Consultation Service

Visa has unveiled a new cryptocurrency consulting arm. The financial services giant hopes that the new initiative will facilitate mass adoption of Bitcoin and other cryptocurrencies while helping its clients navigate the crypto sector.

Carl Rutstein, global head of Visa Consulting and Analytics, said in a statement the firm has seen a “material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.”

To Visa, a “vital first step” for financial institutions looking to attract and retain customers with crypto offerings is to understand the cryptocurrency ecosystem. Visa Crypto Advisory Practice, the new service, offers expertise in crypto-related areas, evaluates opportunities and develops concrete strategies.

The firm has detailed its crypto consultancy services will help pilot new projects such as cryptocurrency rewards programs.

10T Holdings to Launch $500 Million Fund for Late-Stage Crypto Firms

Cryptocurrency-focused private equity firm 10T Holdings is set to raise $500 million in a new fund for the digital asset ecosystem. The firm has already raised $750 million since it was founded last year.

The new 10T DAE 3.0 Fund was revealed in a new regulatory filing. In September, the firm added $389 million in capital commitments through two inaugural growth equity funds, 10T Fund and 10T DAE Expansion Fund.

The firm launched a $200 million fund earlier this year to invest in cryptocurrency startups called 10T Holdings. Its backing has come from a mix of public pensions, endowments, foundations and family offices. Its portfolio includes crypto exchanges Kraken and Huobi, staking services provider Fitment, and more.

What Is a Gold-Backed Cryptocurrency?

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewelry: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.

Bringing gold onto the blockchain makes it easier to transact with gold and could even allow it to become an efficient medium of exchange. Nevertheless, gold-backed cryptocurrencies have historically struggled to gain widespread adoption.

In this guide, we looked into why investors with exposure to cryptocurrencies would want a gold-backed cryptocurrency and the pros and cons of such a digital asset. We will also mention some of the top gold-backed cryptocurrencies in circulation.

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