Aave to Launch Customized Platform for Institutional Investors

5 July 2021 | Updated: 5 July 2021

Aave (AAVE), one of the most prominent DeFi money markets, has announced that it plans on launching a permissioned version of its platform for institutional investors sometime this month. The DeFi provider noted that it has partnered with crypto custodian and service provider, Fireblocks to carry out this task.

Twitter user “TraderNoah” posted a screenshot of an email he claimed to receive from the Blockworks’ Next Steps in Institutional DeF webinar, which featured the crypto provider’s founder and CEO Stani Kulechov, Fireblocks CEO and co-founder Michael Shaulov, and Galaxy Digital CEO Mike Novogratz.

Reports revealed that the proposed institutional platform, called Aave Pro, will launch this month due to “extensive demand from various institutions.”

The crypto provider noted that the platform would only support four digital assets at launch, including Bitcoin, Ethereum, AAVE, and USD Coin. The DeFi provider added that this platform would operate independently of other AAVE activities.

Furthermore, the crypto provider noted that the platform would add a whitening layer to its V2 Smart Contracts to guarantee that only.

The platform will add a whitelisting layer onto its V2 Smart Contracts to ensure that only institutional investors that have passed Fireblocks’ Know-Your-Customer (KYC) requirement can access Aave Pro. Fireblocks will also enforce anti-money laundering and anti-fraud protocol on the platform.

The screenshotted email also noted that are plans to decentralize governance for the institutional platform along the line.

Key Aave Levels to Watch — July 5

Along with the rest of the cryptocurrency market, the cryptocurrency is on a bullish recovery from its recent fall below the $200 support. The twenty-eight-largest cryptocurrency currently faces heavy resistance from the 200 SMA line on our 4-hour chart.

AAVEUSD – 4-Hour Chart

Failure to scale this barrier over the coming hours could send AAVE to the $250 round figure. That said, a fall to the $250 level should get repelled by the ascending trendline. Nonetheless, we expect a recovery above the $300 psychological level over the coming days.

Meanwhile, our resistance levels are $300, $350, and $400, and our support levels are $250, $200, and $150.

Total Market Capitalization: $1.39 trillion

Aave Market Capitalization: $3.38 billion

Aave Dominance: 0.24%

Market Rank: #28

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.