Cryptocurrency News

Growing Interest In DeFi – ‘Aave’ Project Raises $25 Mln From Venture Investors.

With the DeFi having been the large success story in crypto this summer, investors look to be flocking to grab themselves a stake.

One of the leading DeFi projects and providers of decentralized lending and borrowing, Aave, recently today revealed that it has raised $25 Mln from investors Blockchain Capital, Standard Crypto and Ventures.

The project’s CEO, Stani Kulechov, added that the investment would go toward growing Aave’s team to raised serve growing Asian markets and bringing DeFi “closer” to institutional investors.

The investors within the strategic raise will participate within the protocol’s staking and governance, per the official release.

In line with the data provided by DeFi Pulse, Aave is presently the 3rd leading DeFi protocol, with $1.15 Bln in cryptocurrency locked in.

Having seen explosive growth over the summer, the entire value locked altogether DeFi projects has plateaued somewhat in recent weeks and presently stands at $10.79 Bln.

As per CMC, Aave’s LEND token is up 0.42% in 24 hours at the time of reporting.

However, the protocol is within the process of migrating these over to a new AAVE token, as reported earlier.

The process will ultimately see ownership of the protocol shift over to a “genesis governance” built and approved by token holders.

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