The Chamber of Digital Commerce has announced that enterprise software firm R3, consulting giant KPMG, blockchain advisory group New Alchemy and HCM Capital, a wholly owned subsidiary of Foxconn Technology Group, have joined its Executive Committee.

Headquartered in Washington, D.C., the Chamber of Digital Commerce is a leading trade association representing the digital asset and blockchain industry. It oversees a number of industry initiatives, including the Token Alliance, Smart Contracts Alliance, Blockchain Intellectual Property Council and the Digital Assets Accounting Consortium.

“The blockchain ecosystem is experiencing massive growth. In just the past three months the market capitalization of the industry has increased more than 125 percent,” said Perianne Boring, founder and president, Chamber of Digital Commerce. “We’re pleased to welcome these new members to the Chamber, whose participation further demonstrates the wide-ranging spectrum of benefits blockchain technology offers society.”

R3 leads a global blockchain consortium of over 160 banks, financial services firms, technology companies, central banks, regulators, and trade associations. It also works with a number of central banks and regulators around the world.

“Working closely with policy makers and regulators is critical for the overall success of the industry at large,” said David E. Rutter, CEO, R3. “We are pleased to join the Chamber of Digital Commerce as we work together to build a new operating system for financial markets based on distributed ledger technology.”

“Blockchain technology offers financial services companies the ability to streamline operations, create greater security and transparency, and has the potential to offer a lasting positive impact to an organization’s bottom line. We’re pleased to be on the forefront of this dramatic shift, and look forward to collaborating with Chamber members to help accelerate the adoption of blockchain-enabled technologies,” said Eamonn Maguire, KPMG’s Global lead for Digital Ledger Services, KPMG.