Chicago Defi Alliance announces Accelerator Program for DeFi Startups

The Chicago DeFi Alliance (CDA), announced it is launching one of the first accelerator programs dedicated to DeFi startups.

By · Aug 5, 2020 . 6min read

CDA Defi Accelerator Program
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The Chicago DeFi Alliance (CDA), announced it is launching one of the first accelerator programs dedicated uniquely to DeFi (decentralized finance) startups. Established in 2020, it includes representatives from several prominent trading firms operating in Chicago. Earlier, Volt capital announced the members of CDA in a blog post. CDA includes fintech firms like Jump Trading, Cumberland DRW, CMT Digital, Volt Capital, and others. The accelerator programs are beginning in August. However, various new members entered the CDA, owing to the accelerator program. The members include Alameda Research, Dragonfly Capital, FTX, Electric Capital, Hashed, and Delphi Digital.

Diving Into CDA

The CDA consists of various “mentors”. It incorporates experienced traders, technology experts, and executives. Moreover, they operate with blockchain and digital asset startups. Furthermore, it provides support to them to develop into more robust, more self-sufficient businesses. However, the organization came into operation during the coronavirus pandemic. Additionally, the CDA strives to help DeFi startups get “up and running” and stay “insulated from macro conditions” through the crisis.

Imran Khan, the founder of Volt Capital, tweeted about CDA’s first accelerator programs.

Learning about the Accelerator Program

Imran Khan, Volt Capital co-founder and CDA partner Qiao Wang will manage the eight-week program for early-stage startups. However, it will also include a fast-track program. Additionally, it enables the introduction of more established startups to significant experts.

The program will fund $120,000 in each participating team for future token purchases. Although, it is created via Silicon Valley’s Y Combinator program. Khan stated in a statement to Coindesk,” the investment would be in tokens at either seed or [a] discount on what is already being traded publicly. There will be two accelerator batches in 2020. Moreover, CDA has received over 100 applications for the new accelerator and will choose seven startups for the first group.”

“Fees are high. Liquidity is low. [User interface] is messy. The settlement is slow. Everything feels like a toy. But history is full of examples of hugely successful technologies that started out looking like toys,” Wang said in a statement to Coindesk. “DeFi has all the fundamental qualities to become a real, trusted alternative to the legacy financial system.”

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