Aave (AAVE) Token Surges Following Grayscale’s Trust Launch

Date: Thu, Oct 03, 2024, 12:58 PM GMT

Aave’s token, AAVE, saw a boost of +2.11% today, pushing its price to around $141. This jump follows a big announcement by Grayscale, a major player in crypto asset management.

Grayscale took to the X platform to reveal the launch of the Grayscale Aave Trust. This new fund is designed to give investors direct exposure to the Aave protocol, a decentralized finance (DeFi) platform that allows users to borrow and lend cryptocurrencies without relying on traditional banks.

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $AAVE Trust, which will be available through private placement.

Available to eligible accredited investors.

Read the press release: https://t.co/cJf6spWdnh pic.twitter.com/YMFftGnSCE

— Grayscale (@Grayscale) October 3, 2024

Rayhaneh Sharif-Askary, Grayscale’s Head of Products and Research, noted that this product is perfect for investors wanting to dive into a protocol that could revolutionize traditional finance. The Trust operates similarly to Grayscale’s other single-asset trusts and is solely focused on AAVE tokens.

The Trust is now available for daily subscriptions to eligible accredited investors, both individuals and institutions, further increasing the market’s excitement around Aave.

In addition to the Aave Trust, Grayscale has recently introduced similar single-asset funds, including one for Bittensor’s TAO token, second for the Layer-1 blockchain Sui (SUI) and thrrd one for the MakerDAO . They’ve also rolled out a fund focusing on cryptocurrencies powering decentralized AI projects, showcasing Grayscale’s commitment to expanding its range of investment options in the crypto market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.