- The Chicago DeFi Alliance, which launched this April, announces its first cohort from hundreds of top blockchain firms’ and startups’ applications from Chicago on Monday.
- The Alliance seek to mentor budding DeFi startups in the Chicago jurisdiction that boasts of huge contributions to DeFi sphere globally.
News has now emerged that Chicago DeFi Alliance has accepted its first cohort of startups. The Alliance unveiled in April that it had received over 100 applicants for the first group according to a report by CDA partner CMT digital.
“We are excited to work with the founders in the CDA’s initial cohort and we look forward to mentoring as well as learning from these teams.”
A number of industry titans in the DeFi sphere collaborated to consolidate efforts to mentor local startups. The dream team consists of CMT digital, Volt Capital, Jump Capital, Cumberland and DRW announced the joint venture on April 7th 2020 to boost the growth of DeFi startups in Chicago through guidance and meaningful support linking the startups with experts with vast experience in trading and applicable regulations. The startups that qualified for the first cohort are:
- Set Protocol
- Kyber Network
The founding partner of CDA – CMT digital – launched in 2014, and represents the Blockchain arm of the larger CMT group. The CMT group is a dominant player in the investment markets, having been active for about 20 years.
CMT digital has, in the past, been involved in funding big shot crypto firms: Coinbase, BlockFi, Silvergate Bank and even Bakkt. Their investment strategy has been to support projects, whose scope overlaps with infrastructure crucial to supporting digital assets.
CMT digital was involved in a Series A funding round this February alongside Jack Dorsey’s Square and Pantera. Raising up to $14 million for Transparent Financial Systems a Seattle based startup developing a decentralized compensation settlement system.
Chicago’s Contribution to DeFi
Chicago has a high standing in the financial world for its groundbreaking innovations, reflecting at least a fifth of the global derivatives markets. The report by CMT digital shed light into the 4.9 billion that Chicago based exchanges generated in annual global derivatives trading volumes in the 2017 financial year.