Decentralized money market protocol Aave has announced that its institutional DeFi platform Aave Pro will be launched later this month. The price of AAVE, the altcoin project of the protocol, increased by almost 20 percent with this news.
Recognized altcoin AAVE leaps with latest announcement
Decentralized finance (DeFi) protocol Aave has seen a double-digit increase in price after announcing that its Aave Pro platform will be released later this month. Aave Pro, a “permissioned” version of its platform for institutional investors, first surfaced during a webinar last week. Attendees of the “Next Steps in Enterprise DeFi” webinar reportedly received an additional email with additional information about Aave Pro.
The letter read, “Due to heavy demand from various institutions, Aave and Fireblocks are launching the first permissioned decentralized liquidity protocol ‘Aave Pro’ in July.” Fireblocks completed the $133 million Series C funding round in March and will join the venture as a partner. The price of AAVE skyrocketed more than 22% in the wake of the announcement, surpassing $338 on Tuesday morning. According to the data from CoinGecko, the token last saw a process at these levels on June 10. Aave has since then settled in at $331.26, with a 20.8 percent profit in the last 24 hours.
Technical state of cryptocurrencies
According to analyst Yashu Gola, after technically breaking the bullish pattern of AAVE/USD, “it has moved into the flying zone. “The pair fluctuated in the middle of two trendlines that previously formed a falling wedge structure. According to the analyst, the falling wedge starts wide at the top, but narrows as the price drops. Confirmation of its rise comes only after the price convincingly rises above the resistance trendline with higher volumes. The analyst states that Aave’s recent price action fits this pattern. Gola points out that the cryptocurrency is tracking $542 as a profit motive.
On the other hand, crypto expert Scott Melker stated that Aave has attracted large capital inflows from the Bitcoin market.
Details of Aave Pro
As we reported , initially Aave Pro will support institutional demand with four assets: Bitcoin (BTC), Ethereum (ETH), AAVE and USD Coin (USDC). The platform’s liquidity pools will be separated from other Aave markets such as Aave v2 and Aave Polygon. A notable feature of Aave Pro is that institutional investors must pass Fireblocks’ smart contract-based “Know Your Customer” (KYC) verification to access the platform.
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