The United States arm of Binance, the world’s largest cryptocurrency exchange, has entered a major organization focused on decentralized finance, or DeFi.
According to a Sept. 17 blog post, Binance.US has officially joined the Chicago DeFi Alliance. Also known as the CDA, the association is backed by crypto fund Volt Capital, brokerage firm TD Ameritrade, CMT Digital, Cumberland DRW, Compound Finance and others.
By joining the alliance, Binance.US aims to contribute to the further development of the DeFi industry in the U.S., the firm’s CEO Catherine Coley said. “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,” Coley noted in the announcement.
Established in April 2020, the CDA alliance aims to provide DeFi-focused startups and entrepreneurs with support and guidance in complying with trading regulations as well as other related requirements.
As Cointelegraph reported, the CDA was formed after the DeFi industry collapsed to $360 million in the total value in early April. The industry has more than rebounded in recent months though, with more than $9 billion being locked in DeFi applications at publishing time.
Binance.US’ entrance to the Chicago DeFi Alliance comes shortly after the company joined the U.S.-based Blockchain Association in August 2020.
Binance.US’ parent company, Binance, has been actively involved in a large number of blockchain-related alliances. In early September, the world’s largest crypto exchange joined Blockchain for Europe, a major European association advocating for the balanced regulation of the blockchain industry. Previously, Binance became an executive member in the self-regulating industry association known as CryptoUK.