{"id":466932,"date":"2021-07-06T11:41:33","date_gmt":"2021-07-06T11:41:33","guid":{"rendered":"https:\/\/wncen.com\/?p=466932"},"modified":"2024-06-11T13:56:20","modified_gmt":"2024-06-11T13:56:20","slug":"aave-permissioned-deployment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/aave-permissioned-deployment\/","title":{"rendered":"Aave To Introduce Permissioned Deployment for Institutions Later In July"},"content":{"rendered":"

Aave declared a kick-off of its new project this month to meet the abruptly growing demand from different institutions. According to their announcement, Aave, one of the leading DeFi money markets, will launch a permission payment platform for investors.<\/p>\n

The DeFi protocol is partnering with Fireblocks, a crypto service provider and custodian, to launch the new platform.<\/p>\n

TraderNoah, a Twitter user, on June 4, 2021, revealed a screenshot of an email they supposedly got from a Blockworks webinar<\/a>.<\/p>\n

https:\/\/twitter.com\/TraderNoah\/status\/47906048<\/p>\n

The webinar titled ‘Next Steps in Institutional DeFi\u2019 featuring Stani Kulechov, the CEO and founder of Aave.<\/p>\n

Also in attendance were Michael Shaulov, Fireblocks co-founder and CEO, and Mike Novogratz, Galaxy Digital CEO.<\/p>\n

The email and the conference both confirm plans for the launching of \u2018Aave Pro,’ Aave\u2019s institutional product, in July. This move is to provide the solution to the numerous demands from institutions.<\/p>\n

What Aave Pro Partnership with Fireblocks Will Facilitate?<\/strong><\/h2>\n
Aave Pro launch is meant to support only four digital assets, namely; AAVE, BTC, USDC, and ETH. In its operations, there\u2019ll be segregation of Aave Pro\u2019s pool from other Aave\u2019s deployments.<\/p>\n
The platform\u2019s V2 smart contracts get an added whitelisting layer. This addition enables certain institutions, fintech, and corporates to get access to Aave Pro.<\/p>\n
The accessibility is regulated by the KYC (Know Your Customer) verification from Fireblocks. Also, Fireblocks will oversee anti-fraud and anti-money laundering for Ethereum-Based protocol.<\/p>\n
Related Reading | TA: Ethereum Steadies Near $2.2K, Why ETH Could Start Fresh Increase<\/a><\/strong><\/em><\/p>\n
There\u2019s also a future plan of decentralizing governance from an email. Recall that Kulechov first mentioned in May the plan of creating a permission pool for institutions. The lending pool is to inculcate both anti-money laundering restrictions and KYC compliance.<\/p>\n
According to the operations of the pool, users will first complete a Know Your Customer verification from the partner, Fireblocks.<\/p>\n
$\"Aave$ <\/p>\n
Aave is hovering in the green zone after marking a 15% increase on the daily chart | Source: AAVEUSD TradingView.com<\/a><\/pre>\n
The new platform is meant to bring collaborative learning in both decentralized and centralized finance. Currently, the combination of the DeFi token, 3 deployments give a total value locked of about $17 billion.<\/p>\n
Twitter Community Responds Back With Mixed Reactions<\/h2>\n
There are mixed reactions from the screenshot on crypto Twitter. Some people outline the great opportunities for institutions to engage in DeFi using the new platform. Others are quite skeptical about the Fireblocks\u2019 partnership with the DeFi token.<\/p>\n
https:\/\/twitter.com\/TraderNoah\/status\/42045188<\/p>\n
The reason for this latter group is the recent lawsuit against the firm filed by StakeHound, a staking provider. The lawsuit is on for allegedly deleting private keys to a wallet that has about $72 million worth of ETH.<\/p>\n
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If Fireblocks is the one doing all the KYC, why do they need a separate pool that is supposedly being governed by anon $AAVE<\/a> governors? <\/p>\n
Btw, Fireblocks \ud83e\udd21 recently lost 72m in ETH and is being sued now. pic.twitter.com\/M8o3n7qJdI<\/a><\/p>\n
— DefiMoon \ud83e\udd87\ud83d\udd0a (@DefiMoon) July 5, 2021<\/a><\/p><\/blockquote>\n