Crypto exchange Coinbase has announced that it has joined the Chicago DeFi Alliance (CDA) to interact with decentralized finance (DeFi) projects.
The CDA Alliance was established in April 2020 to provide funding for startups developing in the DeFi field.
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
DeFi Alliance is led by employees of financial firms and cryptocurrency platforms, including Imran Khan co-founder of Volt Capital, Colleen Sullivan CEO of CMT Digital, Robert Leshner founder of Compound, and Stani Kulechov head of Aave.
Coinbase CEO Brian Armstrong said that one of the priority tasks of the exchange after joining CDA is to provide wider access to DeFi applications. Chicago DeFi Alliance partner Jacob Franek said that Coinbase has become one of the exchanges that have influenced the spread of cryptocurrencies around the world.
The alliance’s mission is to create an open financial system, and DeFi can play a significant role in this. CDA is open to cooperation with all interested parties who are ready to support young projects working in the DeFi industry.
Recall that last year, Coinbase introduced a price oracle to ensure the security of digital assets locked in DeFi protocols.