DeFi Alliance stands as an organization dedicated to the support of decentralized finance, or DeFi, startups. Coinbase, one of the biggest crypto exchange companies out there, announced on Thursday that it had joined this DeFi Alliance.
Coinbase has joined the @defialliance, an open association supporting DeFi startups. We look forward to working together to grow the cryptoeconomy.
— Coinbase (@coinbase) April 8, 2021
Joining Up With Big DeFi Names
The DeFi Alliance itself was founded by Jump Capital, Volt Capital, DRW Trading, and CMT trading almost a year ago on the dot. These crypto organizations, all based in Chicago, stated that the aim of the association was to provide startups and entrepreneurs within the DeFi space guidance and support in a meaningful way when it comes to applicable regulations and trading.
The DeFi Alliance, according to its website, provides support to emerging DeFi projects alongside mentorship as well. The Alliance also hosts an eight-week program dedicated to providing startups with resources they need in order to develop, build, and otherwise grow their platforms, named Accelerate DeFi.
DeFi Growing Steadily
In Coinbase’s own explanation for DeFi, the company highlighted how it has allowed for the concept of digital currency as a whole to be expanded from the base premise of Bitcoin. The page highlighted how DeFi will allow for the potential needed to create a free, open, and fair financial market that anyone with Internet access can leverage.
The DeFi space has been growing substantially. While it isn’t the latest fad within the crypto space, that title is currently being held by the NFT space at large, it’s still growing at a very quick rate. The space has managed to generate over $200 million in revenue last month alone, making it clear that DeFi is here to stay. The DeFi space itself is already worth a total of $49 billion, and it seems like it’s only planning on growing.
The Mandatory Public Statement
Now, Coinbase Ventures, the venture arm for the exchange company as a whole, had already gone out of its way to make several key investments within the DeFi space. One of the most prominent of these key investments is Dharma.
Jacob Franek stands as a partner at the DeFi Alliance, and described Coinbase as being hugely influential when it comes to the global adoption of cryptocurrencies as a whole. Of course, the mandatory statement must be given about how these two intensities share the same goal, with Franek describing this goal as creating an open financial system with DeFi playing a critical role within it. As such, Franek described Coinbase partnering up with the association as a natural step forward to try and boost the space even more.