Aave, one of the leading DeFi protocols for lending and borrowing, announced today that it had received a $25 million investment from prominent investors, including Blockchain.com Ventures, Standard Crypto, and Blockchain Capital. The newly injected funds boost Aave’s capital base; the firm had already raised $24 million since 2017 in three token sales.

According to Aave’s CEO, Stani Kulechov, they are now looking to expand their footprint in the Asian market and bring DeFi closer to institutions;

“Aave raised funds from strategic investors to bring DeFi closer to institutional use and to expand the team size to serve the growth in Asian markets.”

Kulechov also noted that the strategic investors would be included in Aave’s governance and get an opportunity to stake on this DeFi protocol. This development coincides with the ongoing migration to ‘Aavenomics’ as earlier reported by BEG.

Aave has been upgrading its native token ‘LEND’ to a more effective governance token ‘AAVE’; the initiative rolled out earlier this month but had been in the works since the beginning of 2020. Kulechov said,

“Aave is now moving towards the AaveDAO, which means that after the migration from LEND to AAVE, anyone can build new functionality into the protocol along with the Aave team, effectively decentralizing development and governance.”

Aave’s DeFi protocol has been thriving; its current TVL stands at $1.15 billion according to metrics from DeFi Pulse. This makes it the third-largest DeFi protocol as of press time; the platform touts close to $500 million worth of flash loans since its debut about nine months ago. Its prospectus native token ‘AAVE’ was recently listed on Gemini exchange and featured in custodial services.

The post Lending Protocol, Aave, Raises M From Strategic Investors; Plans to Bring DeFi Closer to Institutions first appeared on BitcoinExchangeGuide.

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