Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others.
Binance US Will Help Mature Defi Space
It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers.
CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations.
CDA Formed When Defi Industry Collapsed in April
Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020.
It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.