DeFi Sector In Chicago Is On the Rise Thanks to New York’s BitLicense
Colin Sullivan, a co-founder and CEO of the venture investment firm CMT Digital, reported on the Consensus 2021 conference about the thriving DeFi sector in Chicago. She explains it with BitLicense, a legal framework of New York state. It requires the licensing of the crypto activity. As a result, a number of companies closed and now Chicago became a safe haven for the crypto industry.
Defi Alliance, a Chicago-based accelerator for the crypto startups, provides a six-week program supported by the venture capitalists focused on digital assets such as CMT, Jump Capital, and Volt Capital. By connecting the experienced investors with startups, they provide the liquidity, mentorship and funds for the new projects.
Chicago universities make the area attractive for the new developers. Their students create their own blockchain communities, making Chicago a place of interest for the new talents and enthusiasts of technical innovations.