DeFi Money Market Aave Plans for Permissioned Deployment in July

The permission deployment of the Defi money market Aave is about to go live this month for the institutional investors in this month. As revealed recently the launching will be done in partnership with Fireblocks, a crypto custodian and service provider.

Aave To Launch Permissioned Version

As shared by a Twitter user named TraderNoah on June 4 regarding the webinar that featured Stani Kulechov, the CEO and Founder of Aave, Michael Shaulov, the CEO and Co-Founder of Fireblocks, and Mike Novogratz, the CEO of Galaxy Digital, it revealed that they have received an email after attending Blockworks saying, “Next Steps in Institutional Defi.”

Both in the email and in the conference, it was revealed that the institutional product of Aave, Aave Pro, has intentions to be introduced this month in response to the high demand from various institutions.

Also, it has been revealed that only four assets are going to be supported by Aave Pro, which are BTC, AAVE, USDC, and ETH. 

In addition to this, it was clarified that the platform will be adding a layer onto its V2 smart contracts to make sure that only those firms that have cleared the KYC process can access Aave Pro.

Plans For Decentralization in Near Future

It was first revealed by Kulechov in the month of May that Aave is currently creating a permission pool for the institutions along with the information that the three deployments of Aave represent a total value locked of around $17 billion.

It should be acknowledged that the screenshot shared on Twitter received mixed reactions on Twitter including the highlighting of the fact that this will be providing a rally for the institutions to start getting involved with Defi

However, many users showed uneasiness regarding the involvement of Fireblocks with the platform and laid an emphasis on the current lawsuit that StakeHound has filed against the company.