Much of the crypto market showed signs of recovery last week and saw green weekly candles, but some of the most significant gains were made by AAVE, which rose 37% last week and hit a two-week high of over $ 290 yesterday.
And the liquidity log has big plans for the future. Aave CEO and Founder Stani Kulechov attended a webinar called Next steps for institutional DeFi (decentralized finance) last week along with the CEO and co-founder of Fireblocks Michael Shaulov and the CEO of Galaxy Digital, Mike Novogratz.
During the webinar, plans were announced for Aave Pro, an approved version of the Aave institutional platform that is being rolled out in partnership with the institutional digital asset custody platform Fireblocks.
Yesterday, a webinar attendee shared a summary email they received on Twitter. “As discussed in the webinar, Aave and Fireblocks are launching the first approved decentralized liquidity protocol “Aave Pro” in July due to the great demand from various institutions.“Is the email. “Aave Pro will enable institutions and companies to access defined returns and benefit from the transparency and automation of decentralized finances. “
The Aave Pro pools will be separated from Aave’s other liquidity pools and the institutional solution will initially only support Bitcoin, Ether, USDC and Aave as this is where institutional demand is concentrated, according to the email.
Fireblocks will take over KYC (Know Your Customer) and onboard institutions, fintechs and corporations, as well as enforce AML (anti-money laundering) and anti-fraud compliance. Only those participants on the whitelist can access the Aave Pro pool.
The institutional platform will use the V2 smart contracts which have been thoroughly tested and verified. Aave Pro is also managed by Aave governance, which makes it decentralized.
Kulechov announced back in May that Aave was testing an approved pool.for institutions that are still practicing [sic] before you ape in DeFi“And now the experiment seems to be bearing fruit. Aave Pro’s launch date has not yet been announced, but it’s expected to happen later this month.