Seychelles-based crypto exchange Huobi has launched a new consortium with MakerDAO and Compound to promote decentralized finance (DeFi).
Announced Monday, the Huobi initiative, dubbed the Global DeFi Alliance, is an international collection of DeFi service providers and platforms.
The consortium has also been set up in conjunction with DeFi price oracle network Nest and decentralized margin and derivatives exchange dYdX, bringing the total members to five.
The alliance's aim is to promote DeFi research and development, establish universal protocol standards and facilitate cross-border collaboration between Asia and Europe as well as the U.S.
Huobi's chief investment officer, Sharlyn Wu, said DeFi in crypto marked the "first attempt in human history" to build a modern financial system void of credit risk.
Wu also said more work needs to be done to fill "gaps" between centralized financial institutions as well as uniting the various communities across Asia and the western world.
The sharing of standards is an opportunity to create "fair, efficient, transparent, safe and globally accessible financial markets," said Compound founder Robert Leshner.
Leshner also said sharing standards and best practices can help the industry design ready-made products for mainstream adoption.
In the months ahead, founding members of the alliance hope to admit more players to its consortium including wallets, protocols, security companies, and investment firms among others.