DeFi Technologies Inc. (OTCMKTS:DEFTF) is up 10% in a week after announcing the joining of the DeFi Alliance.The group was established in early last year as Chicago DeFi Alliance offers funding and mentorship to early-stage technology teams operating in the $70 billion DeFi sector.
Notable group members include CMT Digital, Coinbase, Jump Capital, and Cumberland DRW.The collaboration with DeFi Alliance does not involve any financial support or investment. So far, the company’s Venture offering has invested in various DeFistartups, and joining the alliance will enable it to offer investment, mentorship, and support to startups operating in the DeFi Alliance’s accelerator projects.
This offers access to numerous opportunities for the company to develop new businesses. CEO Wouter Witvoet said that by joining the alliance, the company could access DeFistartups that the company can partner with to grow its operations.He added that the community has so far incubated several popular projects, and they are looking to offer market exposure to more startups. So in the coming days, DEFTF is worth watching.
Market Reaction:
On Tuesday, DEFTF stock fell 3% at $1.22 with more than 376k shares, compared to its average volume of 287k shares. The stock has moved within a range of $1.2000 – 1.2777 after opening the trade at $1.23.
