Crypto asset management giant Grayscale has launched a new trust offering investors exposure to decentralized finance (DeFi) protocol Aave (AAVE).
The cryptocurrency company’s new product will be invested exclusively in Aave’s native token and will function similarly to 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.”
“By leveraging blockchain technology and smart contracts, Aave’s decentralized platform aims to optimize lending and borrowing while eliminating intermediaries and reducing reliance on human judgment.”
In an effort to diversify its investment products, Grayscale recently launched a trust for altcoin XRP payments, layer 1 Ethereum (ETH) competitor Avalanche (AVAX), DeFi platform Maker (MKR), and machine learning marketplace Bittensor (TAO). and the smart contract platform Sui Network (SUI).
At the time of writing, AAVE is trading at $142.49. The 43rd largest crypto asset by market capitalization has gained nearly 4% in the past 24 hours, outpacing the overall market capitalization of crypto assets, which has fallen 1.6%. However, AAVE remains down nearly 14% over the past seven days.
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