Coinbase becomes latest member of group aimed at supporting DeFi projects

Coinbase has joined the Defi Alliance, an organization that supports decentralized finance (DeFi) startups, the crypto exchange company announced Thursday. 

The association was founded almost exactly a year ago by a group of Chicago-based crypto organizations: Volt Capital, Jump Capital, CMT Trading and DRW Trading. According to an earlier blog post, the alliance aims to "provide entrepreneurs and start-ups in the decentralized finance (DeFi) space with meaningful support and guidance with respect to trading and applicable regulations."

According to its website, the DeFi Alliance provides mentorship and support to emerging projects in the DeFi space. It also hosts Accelerate DeFi, an eight-week program that is meant to provide startups with the resources they need to build, develop and grow their platforms. 

"DeFi expands the concept of digital currency based on Bitcoin's basic premise of digital currency," the Coinbase team wrote in a blog post. "DeFi has the potential to create a more open, free and fair financial market for anyone with Internet access."

According to data collected by The Block, DeFi protocols generated more than $200 million in revenue last month.