Aave‘s authorized distribution will be released this month in response to “heavy demand from various institutions”.
Leading DeFi token Aave announced plans to launch a permissioned version of its platform for institutional investors this month.
The platform will be launched in partnership with Fireblocks, a crypto guardian and service provider.
On June 4, the “Next Steps in Enterprise DeFi” webinar was held with Twitter user “TraderNoah”, Aave CEO Stani Kulechov, Fireblocks CEO and co-founder Michael Shaulov. In the seminar held, Aave CEO shared the intense demands from institutions.
During the conference, it was announced that Aave plans to launch its corporate product called “Aave Pro” this month in response to “heavy demand from various institutions”.
At launch, Aave Pro will only support four assets: BTC, ETH, AAVE, and USDC, whose pools will be separated from Aave’s other distributions.
Only institutions that pass Fireblocks’ “Know Your Customer” verification will be able to access Aave Pro. A whitelist layer will be added to accepted institutions V2 smart contracts. Fireblocks will additionally be tasked with implementing anti-money laundering and anti-fraud controls for Aave Pro.
The email to corporations also highlights plans for decentralization of governance for Aave Pro in the future.
In May, Kulechov announced for the first time that Aave is building a permit pool for institutions. Aave’s three distributions currently represent a total of approximately $17 billion in locked value.
The screenshot shared on Twitter received mixed reactions. Some users noted that the platform enables institutions to become deeply involved in decentralized finance.
Many users have expressed their concerns about Fireblocks’ participation in the platform. He highlighted the lawsuit brought against the firm by the betting provider StakeHound over the deletion of the private keys of a wallet containing $72 million worth of Ether.
AavePro isn’t Fireblocks’ first attempt to help institutional capital access decentralized finance, and it teamed up with Compound in early 2020 to launch services for institutional investors.