The US division of Binance, the world’s largest cryptocurrency exchange, has joined a large organization specializing in decentralized financing, or DeFi.
According to the blog post from September 17, 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 is committed to contributing to the further development of the DeFi industry in the United States, according to CEO Catherine Cooley. “In partnership with the DeFi Alliance, Binance.US will help develop the DeFi space, expand outreach and support startups that open up potential DeFi offerings,” Cooley said in a statement.
The CDA Alliance, founded in April 2020, is committed to providing DeFi-focused startups and entrepreneurs with support and guidance in accordance with trading rules and other relevant requirements.
As Cointelegraph reported, the CDA was formed after the DeFi industry collapsed to $ 360 million in early April. The industry has recovered several times in recent months, with over $ 9 billion in DeFi apps locked at the time of publication.
Binance.US joins the Chicago DeFi Alliance shortly after joining the American Blockchain Association in August 2020.
Binance, the parent company of Binance.US, is actively involved in a large number of blockchain-related alliances. In early September, the world’s largest cryptocurrency exchange joined Blockchain for Europe, a large European association that advocated for balanced regulation of the blockchain industry. Binance previously became a leading member of a self-regulatory industry association known as CryptoUK.