Huobi cryptocurrency exchange launched the Global DeFi Alliance, a five-team consortium including two of the top lending protocols, MakerDAO and Compound, decentralized exchange dYdX, and DeFi price oracle platform, Nest. The group aims at promoting the adoption of DeFi products and providing solutions to the international collection of industry players.

Discussing the launch of the Global DeFi Alliance, Sharlyn Wu, Huobi Global Chief Investment Officer said the platform would promote research and development in the industry as well as promote collaboration between DeFi service providers and platforms across Asia, U.S. and Europe. Furthermore, the Alliance aims to create a standardized protocol on DeFi welcoming a more ‘harmonized field’.

The launch of the consortium opens up the potential for collaboration across decentralized finance app developers in Asia and across the world, Wu stated. She further praises DeFi products as “the first attempt in human history to build a modern financial system without credit risk” further stating the industry’s growth will unleash the power of free economy across the globe.

Wu joined Huobi Global earlier this month from the China Merchant Bank International (CMBI) to head the exchange’s DeFi fund. While she acknowledges the rapid growth of DeFi products, she adds that gaps remain that need to be filled. She said:

“However, there are still many gaps that need to be filled, from theoretical research and technological development to ecosystem development.

Not only are centralized financial institutions still far removed from crypto-native communities, but there’s also a divide between Asian and Western DeFi communities.”

The Alliance will look into adding more partners in the coming future from a vast number of DeFi companies and developers.

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