Aave Raises $25 Million in Round Led by Blockchain.com

Key Takeaways

  • Aave has raised $25 million in a new venture capital round.
  • Three companies led the funding round: Blockchain Capital, Standard Crypto, and Blockchain.com.
  • Aave is currently the third largest DeFi platform on Ethereum.

Share this article

Ethereum-based DeFi lending platform Aave raised $25 million during its latest venture capital investment round.

Blockchain.com Leads Funding

Several companies participated in Aave’s latest funding round, including Blockchain Capital, Standard Crypto, and Blockchain.com.

The new funds will go toward extending the project’s reach. Aave CEO Stani Kulechov says that the project aims “to bring DeFi closer to institutional use” and “expand the team size to serve the growth in Asian markets.” VC investors will also be able to stake tokens and participate in governance, according to Aave.

The company has raised more than $20 million in the past through separate fundraisers, including a $3 million venture capital round in July 2020 and a $17 million ICO in 2017.

Aave Remains Strong

Aave provides standard lending and borrowing features, which give investors an alternative to buying and selling crypto on an exchange. The project is also well-known for its “flash loans,” which allow investors to instantly borrow and repay a loan without collateral—a function that is useful in certain types of trading.

The project has become a success in terms of its market position. Investors have locked $1.2 billion worth of cryptocurrency in Aave, making it the third-largest DeFi app on Ethereum. Meanwhile, the protocol’s native token LEND has a $670 million market cap, making it the 32nd largest cryptocurrency overall.

Aave is also advancing with various other new developments: the project secured a UK financial license and revamped its token economics to support staking rewards in recent months.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article