Coinbase has joined DeFi Alliance, announced the cryptocurrency exchange Thursday in a tweet.

Formerly known as Chicago DeFi Alliance, the DeFi accelerator was launched in early 2020 with a mission to decentralized finance to 1 billion users by 2025 and overcame the key hurdles; institutional liquidity, regulations, and recruiting and growth.

DeFi Alliance has tons of members, including popular projects like 0x, dYdX, IDEX, Kyber Network, Synthetix, and renowned trading and venture firms CMT Digital, Cumberland DRW, and Jump Capita. Their first fund was seeded by some big names as well, including Mark Cuban, Alameda, Delphi Digital, ParaFi Capital, Multicoin Capital, and so many more.

The idea of the accelerator is to distribute capital across DeFi and adjacent industries such as NFTs.

Coinbase has also joined in which, as we reported before going public next week, has been particularly showing interest in the DeFi sector. The firm is already involved in DeFi; besides an accelerated listing of the related tokens, Coinbase has already invested in Compound Finance and Dharma.

Excited to join the @defialliance and help support DeFi startups! https://t.co/hcI7tovAom

— Nick de Bontin (@Ndebontin) April 9, 2021

The US's biggest exchange mentioned in its public listing filing with the SEC that it needs to keep pace with rapid industry changes that include DeFi and related applications to maintain its financial condition and compete in the sector.

Coinbase CEO Brian Armstrong also emphasized in the company's earnings call earlier this week that they would be providing its 56 million users access to DeFi applications.

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