Coinbase, Kraken, Binance.US and more than 40 crypto firms launched an industry alliance Wednesday backing standardized token disclosures, an effort to bring stock market-style transparency to digital asset markets where investors often have limited visibility into what they are buying.

The Transparency Alliance, organized by Blockworks, will use the company’s Token Transparency Framework as a shared benchmark for evaluating token projects. Founding members include some of the largest exchanges and infrastructure providers in crypto, including Coinbase, Kraken, Binance.US and MEXC; custodians Anchorage Digital, BitGo and Copper; market makers GSR, FalconX and Auros.

“When investors buy a stock, they understand what they own. When they buy…