Chicago’s trading firms look to DeFi with new ‘Alliance’
A number of Chicago based trading firms have aligned to start the Chicago DeFi Alliance (CDA), an initiative looking to bring expertise from some of the most advanced traders to the fledgling world of DeFi. The alliance will be providing advisory services on ideating product offerings, bootstrapping liquidity, and regulatory guidance. The group includes big names such as Jump Trading, TD Ameritrade, DV Trading and more.
Why it matters
- Crypto protocols are inherently technological innovations that require deep technical expertise. However, for DeFi projects to embed themselves in the financial world, they will require the service of seasoned practitioners from traditional finance to help navigate their way. The close mentorship from some of the top trading firms will provide tremendous value to many of these early DeFi projects as they seek product-market fit.
- Chicago has a long history as a hub of the trading world, accounting for 20% of the world's global derivatives trading. If the DeFi movement is to make an impact on this space they will need buy-in from many of these firms and the CDA is a meaningful step in that direction.
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