The government of the Canton of Zug is supporting a newly launched trade group that aims to promote the use of blockchain technology in the asset management industry.

Announced during the first annual M-0 blockchain conference in Switzerland's "Crypto Valley," the Multichain Asset Management Association (MAMA) is comprised of 20 companies, including Melonport, ConsenSys uPort, Virtual Capital Ventures, Bitcoin Suisse and Crypto Fund AG, among others.

With the support from the Canton of Zug's Department of Economic Affairs, the group's establishing membership features asset management firms, financial institutions and service providers in the blockchain industry. According to a press release, MAMA aims to achieve its goals through promoting blockchain security, defining industry standards and advancing industry-wide best practices.

Mona El Isa, co-founder and CEO of Melonport, said in a statement:

The effort highlights blockchain's growing footprint within Switzerland, both in terms of work in the cryptocurrency space as well as applications of the tech beyond that blockchain use case.

For example, Zug began accepting cryptocurrency payments for government services back in 2016 – a move followed by the municipality of Chiasso in September.

Zug image via Shutterstock