Aave Launches Authorized Platform Version For Institutions In July
DeFi’s leading money market, Aave, in partnership with crypto custodian and service provider Fireblocks, plans to launch an authorized version of its platform for institutional investors this month.
On June 4, after attending Blockworks’ Next Steps on Institutional DeFi webinar, user TraderNoah tweeted a screenshot of an email addressing Aave’s new product.
The webinar was attended by Aave founder and CEO Stani Kulekhov, Fireblocks CEO and co-founder Michael Shaulov and Galaxy Digital CEO Mike Novogratz.
During the conference and in an email, it was announced that due to the huge demand from various organizations, Aave has decided to release an institutional product called “Aave Pro”. The release date is set for July.
At the time of the launch of Aave Pro, four assets are planned to be traded: BTC, ETH, AAVE and USDC. In addition, Aave Pro pools will be separated from other Aave platforms.
According to the released information, only corporations, financial companies and applications that have passed Fireblocks verification will be able to access smart contracts on Aave Pro.
Fireblocks will also provide anti-money laundering and anti-fraud measures for Aave Pro. In the future, the Aave Pro platform should become decentralized.
Aave’s announcement sparked controversy in the crypto community. Some were positive as it would provide institutions with the opportunity to actively work with decentralized finance.
Others were concerned about the security of the platform because of Fireblocks. They recalled that the lawsuit of the crypto staking platform StakeHound against Fireblocks is still ongoing due to the removal of private keys to a wallet containing 38,178 ETH.