354
141 shares, 354 points

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.

(mtag101702)

Popular altcoin AAVE leaps with latest announcement

(mtag101702)

Decentralized finance (DeFi) protocol Aave has seen a double-digit increase in its 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. Participants of the “Next Steps in Enterprise DeFi” webinar reportedly received an additional email with additional information about Aave Pro.

(mtag101702)

https://twitter. com/TraderNoah/status/1411719489947906048

(mtag101702)

The letter read, “Due to high demand from various institutions, Aave and Fireblocks are launching the first authorized decentralized liquidity protocol ‘Aave Pro’ in July.” Fireblocks completed its $133 million Series C funding round in March and will join the venture as a partner. The price of AAVE skyrocketed more than 22%, surpassing $338 on Tuesday morning, right after the announcement. According to data from CoinGecko, the token last traded at these levels on June 10. Aave has since gained 20.8 percent in the last 24 hours to settle at $331.26.

(mtag101702)

Technical state of cryptocurrencies

(mtag101702)

According to analyst Yashu Gola, technically AAVE/USD has “crossed into the flying zone” after breaking the bullish pattern. The pair previously fluctuated between two trendlines which together formed a falling wedge (wedge). 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 coin is tracking $542 as its profit target.

(mtag101702)

On the other hand, crypto expert Scott Melker stated that Aave has attracted large capital inflows from the Bitcoin market.

(mtag101702)

Details of Aave Pro

(mtag101702)

Cryptocoin. com

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 differentiated 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.

(mtag101702)

Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrencies or digital assets or Cryptocoins. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

(mtag101702)

Warning: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal action will be taken against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .

(mtag101702)


Like it? Share with your friends!

354
141 shares, 354 points

What's Your Reaction?

hate hate
858
hate
confused confused
368
confused
fail fail
1226
fail
fun fun
1104
fun
geeky geeky
981
geeky
love love
613
love
lol lol
736
lol
omg omg
368
omg
win win
1226
win

0 Comments

Your email address will not be published. Required fields are marked *