Binance’s US arm, the world’s largest cryptocurrency exchange, You have joined a large organization that focuses on decentralized finance, or DeFi.
According to a blog post on September 17th, Binance.US has officially joined the Chicago DeFi Alliance. The association, also known as CDA, is supported by the crypto fund Volt Capital, brokerage firm TD Ameritrade, CMT Digital, Cumberland DRW, Compound Finance and others.
By joining the alliance, Binance.US wants to contribute to the further development of the DeFi industry in the USA, said the company’s CEO, Catherine Coley. “By working with the DeFi Alliance, Binance.US will help mature the DeFi space, contribute to broader integration and help startups tap into potential DeFi offerings.”Coley wrote on the ad.
Founded in April 2020, the CDA alliance aims to provide DeFi-oriented startups and entrepreneurs with support and guidance on how to comply with business regulations and other related requirements.
As Cointelegraph reported, The CDA was formed after the DeFi industry collapsed to a total of $ 360 million in early April. However, the industry has made a big comeback in recent months. At press time, there was more than $ 9 billion trapped in DeFi apps.
Binance.US joined the Chicago DeFi Alliance shortly after the company joined the US Blockchain Association in August 2020.
Binance.US ‘parent company, Binance, has been actively involved in a number of alliances related to blockchain. At the beginning of September, the world’s largest cryptocurrency exchange, Blockchain for Europe, joined a major European association that advocates balanced regulation of the blockchain industry. Binance was previously an executive member of the self-regulating industry association CryptoUK.