Continuing in its recent strides into the decentralized finance (DeFi) space, leading digital currency exchange Binance announces that its United States counterpart, Binance.US, is joining the Chicago-based DeFi Alliance.
Binance.US, via an official blog post, disclosed that it has officially joined the DeFi Alliance. This partnership is largely due to a bid to develop and further enhance the DeFi space in the United States.
We are proud to announce that we have joined the DeFi Alliance @acceleratedefi
— Binance.US 🇺🇸 (@BinanceUS) September 17, 2020
Notably, the DeFi Alliance is a nonprofit organization that focuses on providing support and mentorship to startups in the DeFi industry. This support is focused particularly in the areas of trading, markets, and regulation. The DeFi Alliance is strongly backed by a number of notable entities, including Volt Capital, Aave, Compound Finance, DRW/Cumberland CMT Digital, and Jump Capital.
Catherine Coley, Binance.US CEO, expressed her enthusiasm with the new partnership. She noted DeFi systems offer global potential and open access. Such attributes are exciting both newcomers and crypto veterans.
She 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, the potential that so many of our users are passionate about.”
Binance.US, DeFi Alliance collaboration to help develop DeFi space
According to the announcement, the DeFi Alliance and Binance.US partnership would aim to offer DeFi-focused startups and entrepreneurs with assistance and guidance in the DeFi space. The collaboration will also provide help in the area of complying with trading regulations as well as other DeFi-related requirements.
The DeFi Alliance came into existence in April 2020. At that time, the total TVL of the DeFi space was roughly $700 million. In August 2020, the TVL exploded from $4 billion to $8 billion.
Looking to help mentor others in the DeFi space, the DeFi Alliance selected its first seven startups for its initiative from over 100 applicants back in May 2020. These seven startups were made up of exchanges, asset managers, and derivative platforms. Specifically, Idex, 0x, Token Sets, Dydx, Kyber Network, Synthetix, and Opyn.
Notably, aside from the DeFi Alliance, Binance.US has also recently aligned with the Blockchain Association, which is based in Washington, D.C.
Binance.US exploits in the DeFi space
Following the recent surge of DeFi, Binance.US has unveiled several products to enable DeFi integration. Currently, it also provides support for ten DeFi tokens, which include Chainlink (LINK), Uniswap, (UNI), DAI, and Maker (MKR).
Additionally, It’s worth noting that Binance.US recently launched trading in Alabama, Georgia, and Florida. It has also hinted on ongoing plans to provide service to users in all 50 states in the US by 2021.
— Binance.US 🇺🇸 (@BinanceUS) September 14, 2020
Similarly, the exchange also unveiled its Binance Smart Chain recently. The exchange continues to pursue greater influence in the DeFi space by offering more DeFi products. For more information, check out the Altcoin Buzz YouTube channel.