On September 17, it has been reported in a blog post that Binance.US has officially joined the Chicago DeFi Alliance (CDA), the association that is backed by crypto fund Volt Capital, brokerage firm TD Ameritrade, CMT Digital, Cumberland DRW, Compound Finance, and others.
Catherine Coley, the CEO of Binance.US, said that by joining the alliance, Binance.US aims to contribute to the further development of the DeFi industry in the US.
“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.”
However, 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 per the report, the CDA was formed after the DeFi industry collapsed to $360 million in the total value in early April, as the industry has more than rebounded in recent months though, with more than $9 billion being locked in DeFi applications at publishing time.
Thus, Binance.US’s entrance to the Chicago DeFi Alliance comes shortly after the company joined the US-based Blockchain Association in August 2020.