The decentralized finance (DeFi) market is notably another big story in the cryptocurrency industry this year.
In addition to several project launches, the DeFi market has grown to a total valuation of over $11 billion, which somewhat looks promising for investors. Today, Aave protocol, one of the most significant projects in the DeFi market, has raised over $20 million from crypto-focused companies.
The DeFi market is remarkably another massive story in the cryptocurrency industry in this year. The DeFi market has grown to a total valuation of over $11 B, which instead looks promising for the investors to add to the several project launches. Recently, Aave protocol has raised over $20M from crypto companies.
Aave protocol to establish DeFi use
As it has been reported, Aave has disclosed that it raised about $25M in a recent investment round. The protocol’s latest fundraiser had gained a prominent cryptocurrency VC companies’ participation; this includes Blockchain.com, Blockchain Capital, Standard Crypto, and Ventures. From the statement of Stani Kulechov, the CEO of Aave protocol, the recent capital will then be utilized to reinforce and further expand the protocol’s team.
By doing this, the Aave team hoped that they could draw institutional investors even more closely to the decentralized finance market. They have also intended to boost their services in the Asian market, as the report stated. It follows the strategic fundraiser recently; the cryptocurrency VC companies will now be a part of the Aave protocol’s governance and staking. Remarkably, this is not the first-ever fundraiser round that has to be conducted by the DeFi project.
Aave protocol had previously risen $3 M in a different investment in this year. However, the protocol has bagged up to $17M thru its initial coin offering (ICO) in the last three years.
The DeFi protocol that is currently in question enabled lending and borrowing services in a decentralized manner. As the information from DeFi Pulse states, Aave protocol is recently ranked as the third-largest project in the DeFi market. In the industry with the valuation of over $11 B worth of digital currencies, Aave boasted more than $1 B in the total value assets had been locked.