Binance, the world’s largest digital currency exchange in terms of trading volume, and Orbs, a blockchain firm based in Israel, have entered into a partnership agreement to work on a single project which is focused on the decentralized finance (DeFi) ecosystem. As per an announcement, they are going to collaborate with each other to introduce an accelerator for the DeFi sector.
This newly-introduced initiative is known as the DeFi.org accelerator. The firms said in the announcement made on the 11th of January that the main focus of this accelerator will be on promoting the development and research in the world of decentralized finance. Particularly, it will aim at the development of the DeFi community as well as developing key open-source software within the sector.
Further elaborating on the mission of this initiative, the companies said that this DeFi accelerator would explore different projects while focusing on their innovation and composability. For the evaluation of these projects, it will also keep in view some other principles such as community ownership, fair distribution, as well as sustainable economics.
Initially, this DeFi Accelerator will be sponsored by the two firms Binance and Orbs. These are one of the first sponsor companies of this accelerator. This initiative will help both of these startups to step into the world of decentralized finance and print their presence over there.
Moreover, future participants will be able to enjoy various benefits such as mentorship provided by the experts of the industry. They will also be provided with an opportunity to fund. Other than this, they will have an opportunity to build exposure to the market.
The decentralized finance industry has witnessed potential growth throughout the entire year of 2020. In terms of growth, development, and popularity, the DeFi sector was on the top throughout the previous year. A lot of interesting DeFi protocols and projects were introduced, which were the real reason behind the impressive growth of this space.
Apart from this, the total value locked across the different DeFi protocols has also skyrocketed above $21 billion, as per the data from DeFi Pulse.