Chinese blockchain startup Conflux Network has launched a new Open DeFi association focused on bringing together the Eastern and Western DeFi markets to accelerate the sector’s global growth.

The initiative will help “grow a wider decentralized ecosystem in Asia,” said Conflux Global Managing Director Eden Dhaliwal. Open DeFi will act as an incubator for Chinese DeFi startups “on the cusp of cross-border growth,” he said, as well as helping traditional financial institutions integrate DeFi.

The Open DeFi project was supported by the Chinese government through the Shanghai Science and Technology Committee. Among the participants are the large Chinese DeFi protocol dForce, venture capital firm Sequoia Capital, Blockpower Capital, Antelope Holdings, startups DeBank, and MCDEX.

Alliance members are going to focus their efforts on three main vectors – risk management, new liquidity strategies, and incubation and innovation.

Open DeFi participants will ensure the security of smart contracts and the soundness of their economic models.

Institutional investors and crypto exchanges will focus on new trading strategies.

The association also plans to develop new DeFi offerings and attract new strategic partners.