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.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TENXXSRGTNB5VIKNGZGRE3LLHI.jpg)
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.
- 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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.