DeFi project Aave raised $25 million to develop institutional lending

The Aave leasing protocol attracted $25 million in investments from Blockchain Capital, Standard Crypto, and a number of other companies.

„Aave has received funds from strategic investors to bring DeFi closer to institutional stakeholders and expand its team to support growth in Asian markets,“ said company CEO Staney Kulechov.

He added that new investors will be involved in the stacking and protocol management.

In September Aave launched a project management system in the core network through community voting. The first proposal to improve the protocol was the transition to a new control token – AAVE replaced LEND.

„Now Aave is moving towards AaveDAO. This means that after migration from LEND to AAVE everyone can create new functionality in the protocol together with the Aave team. In fact, this is decentralisation of development and management,“ said Kulechov.

At the time of writing, Aave is in fourth place among DeFi projects by the amount of blocked funds in smart contracts, according to the DeBank service.

In July, Aave attracted $3 million as a result of the sale of LEND tokens to Framework Ventures and Three Arrows Capital funds.