Up and coming United States-based crypto exchanged, Binance.US, is the latest to become a member of an alliance that focuses on decentralized finance or DeFi.
In a blog post, the US subsidiary of the largest crypto exchange globally in terms of volume revealed that it had joined the Chicago DeFi Alliance. CDA, as it is commonly known, is an association which is supported by crypto fund Compound Finance, Volt Capital, Cumberland DRW, CMT Digital as well as brokerage startup TD Ameritrade.
By becoming a CDA member, Binance.U.S is looking forward to playing a vital role in the development and growth of the DeFi industry within the country, said Catherine Coley, the company’s CEO. she explained:
“By working with DeFi Alliance, Binance.US will help mature the DeFi space, build for broader inclusion, and support startups as they unlock the potential DeFi offers.”
CDA was founded in April this year and focused on offering DeFi-based startups as well as individual entrepreneurs with the requisite support as well as guidance to adhere to the set trading regulations and other requirements.
CDA was started after the DeFi industry crashed to about $360 million at the start of April. Since then, the sector has rebounded as currently, over $9 billion is locked in various DeFi apps.
The Chicago DeFi Association (CDA) now boasts about 55 members, which also includes MakerDAO. Recently, seven DeFi startups graduated from the association’s accelerator program. Qiao Wang, a CDA partner, stated that the association is on the verge of rolling out a liquidity launchpad program to get “informed and professional players in this space” who will commit their crypto to different protocols.
The entry of Binance.US into the Chicago DeFi Alliance comes just days after the firm became a member of the US-based Blockchain association last month.
Binance, the parent company of Binance.US, has of late been involved in various blockchain-based alliances. Early this month, the biggest crypto exchange in the globe became a member of Blockchain for Europe, a key European organization fighting for friendly regulation of the blockchain sector. In the recent past, Binance also joined CryptoUK, a self-regulating industry organization in the UK.