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Aave’s permissioned deployment will go live this month in response to “extensive demand from various institutions.”
Aave, a leader in the DeFi money market, has revealed intentions to introduce a permissioned version of its website for institutional investors later this month.
The platform will be launched in collaboration with Fireblocks, a cryptocurrency custodian and service provider.
On June 4, Twitter user “TraderNoah” shared a screenshot of an email they claim to have received after attending Blockworks’ “Next Steps in Institutional DeFi” webinar that featured Aave founder and CEO Stani Kulechov, Fireblocks CEO and co-founder Michael Shaulov, and Galaxy Digital CEO Mike Novogratz.
Aave’s institutional solution, branded “Aave Pro,” is set to emerge this month in response to “extensive demand from various institutions,” according to both the conference and the email.
$AAVE Pro coming in July.
For those that didn’t attend the “NExt Steps in Institutional Defi” Zoom with Stani, here’s a recap email I received. pic.twitter.com/ClwlBkXh2r
— Noah (@TraderNoah) July 4, 2021
At launch, Aave Pro will only support four assets — BTC, ETH, AAVE, and USDC, with its pools segregated from Aave’s other deployments.
The platform will add a whitelisting layer to its V2 smart contracts to guarantee that Aave Pro is only accessible to “institutions, corporates, and fintechs” who have passed Fireblocks’ Know-Your-Customer certification. Fireblocks will also be in charge of Aave Pro’s anti-money laundering and anti-fraud procedures.
The communication also mentions future intentions to decentralise control for Aave Pro.
Kulechov initially reported in May that Aave was creating a permissioned pool for institutions. Aave’s three deployments presently have a total value locked of about $17 billion.
The screenshot received mixed reactions on crypto Twitter, with some highlighting that the platform provides a rail for institutions to begin deeply engaging with decentralized finance.
Others, on the other hand, voiced concern about Fireblocks’ connection with the platform, citing a current lawsuit brought against the company by staking service StakeHound over the deletion of private keys to a wallet containing $72 million in Ether.
Aave Pro is not Fireblocks’ first attempt towards assisting institutional capital in accessing decentralised finance; in early 2020, the company partnered with Compound to provide institutional investor-focused services.