DeFi Project Aave Raises $25M From Blockchain.com and Other Investors

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.

STORY CONTINUES BELOW

Recommended for you:

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.