Huobi launches DeFi-focused consortium with MakerDAO, Compound and more

Huobi DeFi Labs, Huobi Group’s new research and incubation platform focused on decentralized finance, has launched a new consortium effort.

Described as an “international consortium of centralized and decentralized financial service providers and platforms,” the initiative was spearheaded in collaboration with MakerDAO, Compound, Nest and dYdX.

“DeFi is the first attempt in human history to build a modern financial system without credit risk, and it is unleashing the power of free economy at global scale,” said Huobi Chief Investment Officer Sharlyn Wu. “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.”

According to the announcement, the Alliance will aim to bring in more DeFi and CeFi members in the next few months.

Huobi launched DeFi Labs two weeks ago as part of its efforts to focus on decentralized finance applications and projects, pledging at the time to “allocate tens of millions of dollars to an initial investment fund.”

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