Several Chicago-based trading firms have formed an alliance to collaborate with startups in decentralized finance (DeFi), reported the Volt Capital – one of the organization founders.
The launch of the Chicago DeFi Alliance was also supported by Volt Capital, Jump Trading, CMT Trading and DRW Trading. TD Ameritrade, DV Trading, Arca and popular DeFi projects dYdX and Compound have already become the members of the alliance.
The new organization aims to bring the DeFi sphere closer to the trading ecosystem of Chicago, famous for the derivatives market. In addition, decentralized finance projects hope to bring liquidity providers, OTC platforms, and professional traders to their niche.
Each DeFi startup will take part in a four- or six-week program, during which products will be tested to meet the needs of traditional firms and attract it to the growing segment of the cryptocurrency market.
General partner of Volt Capital Imran Khan noted that many trading companies are interested in DeFi. However, so far the depth of understanding of this area and, in particular, security issues leaves much to be desired.
“The purpose of the alliance is to provide entrepreneurs and start-ups in the decentralized finance (DeFi) space with meaningful support and guidance with respect to trading and applicable regulations. We are providing start-ups with “real world” trading feedback as early as possible to help them attract liquidity and offer products trading / financial firms are likely to adopt.,” Khan emphasized