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Cryptocurrency News Articles
Crypto Asset Supervisor Grayscale Launches New Funding Product Offering Publicity to Aave's Native Token, AAVE/USD
Oct 04, 2024 at 01:51 am
It allows customers to borrow cryptocurrency by utilizing their current tokens as collateral and in addition permits them to lend their crypto belongings to earn curiosity.
Crypto asset supervisor Grayscale has launched a brand new funding product providing publicity to Aave’s native token, AAVE/USD, as a part of the agency’s ongoing efforts to supply a wider vary of revolutionary crypto funding merchandise.
It permits customers to borrow cryptocurrency by utilizing their current tokens as collateral and in addition permits them to lend their crypto belongings to earn curiosity.
Aave is a decentralized lending platform constructed on the Ethereum ETH/USD blockchain.
Whereas AAVE’s market capitalization is round $2.3 billion—a comparatively modest determine in comparison with extra well-liked cryptocurrencies—the platform has established itself as the biggest lending protocol within the crypto area when it comes to complete worth locked (TVL), in response to knowledge from DeFiLlama.
“Grayscale Aave Belief offers traders publicity to a protocol with the potential to revolutionize conventional finance,” Coindesk quoted Rayhaneh Sharif-Askary, Grayscale’s head of product and analysis.
“By leveraging blockchain know-how and good contracts, Aave’s decentralized platform goals to optimize lending and borrowing whereas eradicating intermediaries and decreasing reliance on human judgment,” she added.
This launch follows intently on the heels of Grayscale’s latest rollout of the Grayscale Avalanche Belief, designed to provide traders publicity to the AVAX token.
The asset supervisor now gives over 20 totally different crypto funding merchandise, a quantity that has steadily elevated because the introduction of spot Bitcoin exchange-traded funds (ETFs) earlier this 12 months, sparking a brand new wave of curiosity in publicly tradable crypto belongings.
Along with this new fund, Grayscale can also be the issuer of a number of different outstanding merchandise, together with the Grayscale Bitcoin Belief GBTC, Grayscale Mini Bitcoin Belief BTC, Grayscale Ethereum Belief ETHE and Grayscale Ethereum Mini Belief ETH, all launched earlier this 12 months.
For a deeper dive into crypto traits and developments, the Benzinga Future of Digital Assets occasion, set for Nov. 19, will present worthwhile insights and knowledgeable views.
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