Crypto asset management giant Grayscale has launched a new trust that provides investors with exposure to the decentralized finance (DeFi) protocol Aave (AAVE).
The cryptocurrency company’s new product invests only in Aave’s native tokens and functions like the company’s other single-asset trusts.
Launched in 2017, Aave aims to serve as a decentralized liquidity protocol for lenders and borrowers. Rayhaneh Sharif-Askary, head of product and research at Grayscale, said in a press release that the project has the “potential to revolutionize traditional finance.”
“Aave’s decentralized platform aims to leverage blockchain technology and smart contracts to optimize lending while eliminating intermediaries and reducing reliance on human judgment.”
To diversify its investment products, Grayscale recently launched a trust for the payments altcoin This is the smart contract platform Sui Network (SUI).
AAVE is trading at $142.49 at the time of this writing. The 43rd-largest cryptocurrency asset by market capitalization rose nearly 4% in the last 24 hours, outpacing the overall cryptocurrency market cap, which fell 1.6%. However, AAVE remains down nearly 14% over the past seven days.
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