Major Trading Firms Launch Chicago DeFi Alliance to Promote Decentralized Finance


Chicago based firms form an alliance to harness the power of decentralized finance (DeFi) technologies and mentor startups in the field. The new alliance, Chicago DeFi Alliance (CDA), led by Volt Capital alongside Jump Capital, Cumberland DRW, and CMT Digital will start off with two startups dYdX and Yield in the program.

In a Medium post published by Imran Khan, partner at Volt Capital, four Chicago based firms (named above) have formed an alliance in a bid to boost the growth of the DeFi startup industry. According to Khan, Chicago presents a wide field of futures trading expertise and liquidity – a big hindrance to the adoption of DeFi applications. Additionally, security and compliance has kept a number of investors at bay.

The alliance aims to solve the current problems through guidance and meaningful support connecting the experts and startups with respect to trading and applicable regulations. Khan writes,

“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.”

Notwithstanding, the CDA will share their expertise in sourcing liquidity and business strategies to help the early-stage startups to “scale their offerings to professional traders globally.”

The head of fintech investments at Jump Capital, Peter Johnson, shared his enthusiasm in joining the CDA. He said,

“My hope is that the CDA can help close that gap by helping DeFi startups understand where there are (and are not) real potential opportunities to work with trading firms and involve them in the DeFi ecosystem.”

The program will incorporate a one-month program to mentor startups on product identification and provide resources that will attract capital firms to startups. Members included in the alliances so far include TD Ameritrade, DV Trading, Arca, dYdX, and Compound.

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