Crypto asset management giant Grayscale has launched a new trust that offers investors exposure to the decentralized finance (DeFi) protocol Aave (AAVE).
The crypto company’s new product is solely invested in Aave’s native token and functions like the company’s other single-asset trusts.
Aave, launched in 2017, aims to serve as a decentralized liquidity protocol for lenders and borrowers. Rayhaneh Sharif-Askary, head of product and research at Grayscale, says 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 removing middlemen and reducing the need for human judgment.”
In a bid to diversify its investment offerings, Grayscale recently launched a slew of new products, including altcoin payments trusts ), the 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 cap is up nearly 4% in the past 24 hours, outpacing the overall crypto market cap, which is down 1.6%. AAVE, however, remains down nearly 14% over the past seven days.
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