Leading cryptocurrency exchange, Coinbase, announced its partnership with the international trade association, DeFi Alliance, on Twitter:
“Coinbase has joined the @defialliance, an open association supporting DeFi startups. We look forward to working together to grow the cryptoeconomy.”
DeFi Alliance is an association created for DeFi market professionals to collaborate and contribute to the decentralized finance ecosystem. Coinbase seeks to diversify into other crypto opportunities with a high market valuation after a successful venture into the cryptocurrency trading market.
Coinbase Steps Deeper Into DeFi
Ahead of its public listing set for April 14th, Coinbase is showing interest in the DeFi ecosystem. During the firm’s earnings call earlier this week, Coinbase CEO, Brian Armstrong, said that providing access to DeFi apps will be their priority.
DeFi Alliance partner, Jacob Franek, stated,
“Coinbase has been hugely influential in growing the adoption of crypto globally. We share the same mission of creating an open financial system and see DeFi playing a critical role so it was natural to want to work together to educate and support DeFi startups and institutions.”
The partnership with the DeFi Alliance involves no investment or financial support, but Coinbase has already made significant investments in decentralized financial projects, including Dharma.
The partnership will offer advisory services to select decentralized financial platforms. It will also provide DeFi Alliance the exposure to startups that are willing to partner with them and receive funds to boost their projects.
DeFi Alliance And The DeFi Alliance Fund
The DeFi Alliance was formed by a group of trading firms from Chicago. Its founding partners include renowned trading and venture firms CMT Digital, Cumberland DRW, and Jump Capital. DeFi Alliance began as a simple project to connect DeFi startups with institutional trading firms.
Today, the DeFi Alliance has more than 60 member companies and has accelerated 28 DeFi projects, including 0x, dYdX, IDEX, Kyber Network, Synthetix, among others. In February this year, the Defi Alliance Fund was launched to help early-stage DeFi startups by offering them financial and regulatory guidance while connecting them with institutional players to fuel growth.
The fund was seeded by Alliance members, its founding members, and popular investors like Mark Cuban. Together, they’ve helped the DeFi Alliance Fund raise an initial corpus of $15 million.
Coinbase is a US-based cryptocurrency exchange that offers a wallet, an exchange, and merchant tools under a simple interface. The firm’s revenue is derived from transaction fees charged to customers who buy and sell digital assets on its platforms. The exchange has 56 million verified customers and 6.1 million monthly transacting customers. In Q1 2021, Coinbase generated a whopping $1.8 billion in revenue.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.