18 August 2020 14:01, UTC

Anna Martynova

Huobi DeFi Labs has formed an international DeFi alliance with the goal of setting universal standards for protocols in space and improving communication in the decentralized finance ecosystem. The alliance will also conduct research on new DeFi protocols to help avoid future community crises. The first members of the alliance were MakerDAO (MKR), Compound (COM), Nest (NEST) and dYdX (dYdX).

According to Huobi Chief Investment Officer Sharlyn WU, the alliance is an international consortium of centralized and decentralized financial service providers and platforms. Wu also believes that decentralization is the future of finance, and traditional financial institutions will move to DeFi over the next 10 to 20 years.

The alliance also hopes to unify the fragmented crypto space and bridge the cultural divide between East and West. In the short term, blockchain technology is unlikely to impact US-China relations as it is currently too small to be noticed by the mainstream, says Sharlyn Wu.

Image by Global Fintech

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