Seychelles-based crypto exchange Huobi has launched a new consortium with MakerDAO and Compound to promote decentralized finance (DeFi).

  • Announced Monday, the Huobi initiative, dubbed the Global DeFi Alliance, is an international collection of DeFi service providers and platforms.
  • The consortium has also been set up in conjunction with DeFi price oracle network Nest and decentralized margin and derivatives exchange dYdX, bringing the total members to five.
  • The alliance's aim is to promote DeFi research and development, establish universal protocol standards and facilitate cross-border collaboration between Asia and Europe as well as the U.S.
  • Huobi's chief investment officer, Sharlyn Wu, said DeFi in crypto marked the "first attempt in human history" to build a modern financial system void of credit risk.
  • Wu also said more work needs to be done to fill "gaps" between centralized financial institutions as well as uniting the various communities across Asia and the western world.
  • The sharing of standards is an opportunity to create "fair, efficient, transparent, safe and globally accessible financial markets," said Compound founder Robert Leshner.
  • Leshner also said sharing standards and best practices can help the industry design ready-made products for mainstream adoption.
  • In the months ahead, founding members of the alliance hope to admit more players to its consortium including wallets, protocols, security companies, and investment firms among others.

See also: Huobi Hires Former Banking Giant Executive to Lead New DeFi Fund

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