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DeFi Project Aave Raises $25M From Blockchain.com and Other Investors
Blockchain Capital, Standard Crypto, and Blockchain.com Ventures all joined the investment for the third-largest DeFi protocol.
Updated May 9, 2023, 3:12 a.m. Published Oct 12, 2020, 2:47 p.m.
With decentralized finance (or DeFi) having been the big success story in crypto this summer, investors look to be flocking to grab themselves a stake.
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- Aave, one of the largest DeFi projects and provider of decentralized lending and borrowing, announced Monday that it has raised $25 million from investors Blockchain Capital, Standard Crypto and Blockchain.com Ventures.
- The project's CEO, Stani Kulechov, said the investment would go toward growing Aave's team to better serve growing Asian markets and bringing DeFi "closer" to institutional investors.
- The investors in the strategic raise will take part in the protocol's staking and governance, per a press release.
- According to data provider DeFi Pulse, Aave is currently the third-largest DeFi protocol, with $1.15 billion in cryptocurrency locked in.
- Having seen explosive growth over the summer, the total value locked in all DeFi projects has plateaued somewhat in recent weeks and now stands at $10.79 billion.
- Per price data site CoinMarketCap, Aave's LEND token is up 2.38% in 24 hours at time of writing.
- However, the protocol is in the process of migrating these over to a new AAVE token, as reported previously.
- The process will ultimately see ownership of the protocol shift over to a “genesis governance” built and approved by token holders.
Also read: Investors Flock to India’s DeFi Scene Months After Central Bank Ban Overturned
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알아야 할 것:
- The team behind Valora, a crypto payments app, is joining Stripe to advance its blockchain and stablecoin integration.
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