The cryptocurrency asset management leader Grayscale has introduced a new trust that provides investors with access to the decentralized finance (DeFi) protocol Aave (AAVE).
The firm’s latest offering exclusively invests in Aave’s native token and operates similarly to the company’s other single-asset trusts.
Launched in 2017, Aave aims to act as a decentralized liquidity protocol for both lenders and borrowers. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, states in a press release that the project has “the potential to transform traditional finance.”
“By utilizing blockchain technology and smart contracts, Aave’s decentralized platform seeks to enhance lending and borrowing while eliminating intermediaries and minimizing dependence on human judgment.”
To expand its range of investment products, Grayscale has recently rolled out a series of new offerings, including trusts for the payments altcoin XRP, the layer-1 Ethereum (ETH) competitor Avalanche (AVAX), the DeFi platform Maker (MKR), the machine learning marketplace Bittensor (TAO), and the smart contract platform Sui Network (SUI).
AAVE is currently priced at $142.49. The 43rd-ranked cryptocurrency by market capitalization has seen an increase of nearly 4% in the last 24 hours, outperforming the overall cryptocurrency market cap, which has dipped by 1.6%. However, AAVE remains down almost 14% over the past week.
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