Crypto asset management giant Grayscale has launched a new trust offering investors exposure to the decentralized finance (DeFi) protocol Aave (AAVE).
The crypto company new product is invested solely in Aave’s native token and functions just 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, Grayscale’s head of product and research, said in a press release that the project “has the potential to revolutionize the traditional world of finance.”
“Using blockchain technology and smart contracts, Aave’s decentralized platform aims to optimize borrowing and borrowing while removing middlemen and reducing reliance on human judgment.”
In an effort to diversify its investment offering, Grayscale recently launched a range of new products, including trusts for payment altcoin XRP, layer-1 Ethereum (ETH) competitor Avalanche (AVAX), DeFi platform Maker (MKR), machine learning marketplace Bittensor (TAO) and the smart contract platform Sui Network (SUI).
AAVE is trading at $142.49 at the time of writing. The 43rd-ranked crypto asset by market capitalization is up nearly 4% in the past 24 hours, surpassing the total crypto market capitalizationwhich is a decrease of 1.6%. However, AAVE has fallen almost 14% over the past seven days.
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Generated image: Midjourney