Leading asset manager Grayscale is launching the Aave fund. Aave has become one of the largest crypto lending protocols by total value locked. The altcoin price moved into the green zone due to this development.
Grayscale launches fund for AAVE, altcoin price moves into green territory!
Asset manager Grayscale has announced the launch of a new fund that allows you to invest in Aave’s AAVE token. It also said that this is a series of new products from the crypto asset manager.
As you have been following on Kriptokoin.com, the market is dominated by the color red. The leading crypto Bitcoin is struggling to maintain $60,000. XRP took a heavy hit after the SEC appealed the court ruling. Therefore, the altcoin market is also generally in the red zone. However, Grayscale’s move pushed AAVE into the green zone. The altcoin price took a shot from $135 to $144. However, it’s unclear whether this can be sustained given the atmosphere in the market.
The largest cryptocurrency lending protocol: Aave
Aave is a decentralized lending platform based on the Ethereum Blockchain that offers automated cryptocurrency loans using other tokens you own as collateral. It also allows users to lend their crypto to earn interest. According to DeFiLlama’s data, the platform’s native token has a market capitalization of $2.3 billion. However, a relatively small figure compared to most well-known altcoin projects, the protocol has become the largest cryptocurrency lending protocol by total value locked (TVL). Rayhaneh Sharif-Askary, head of product and research at Grayscale, commented. Sharif-Askary,
Grayscale Aave Trust gives investors exposure to a protocol that 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.
Grayscale is expanding its crypto investment product range!
As you have been following from Kriptokoin.com, recently Grayscale launched the altcoin Avalanche (AVAX) fund for investors. In this context, Grayscale launched the Avalanche Trust. The asset manager now has more than 20 different crypto investment products. This number increased after the launch of spot Bitcoin exchange-traded funds (ETFs) in January. This has also increased interest in publicly tradable products that track cryptocurrencies. Grayscale is also the issuer of the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE).
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