DeFi assets are fast becoming the center of attraction in the crypto-verse. Aave’s LEND has gained more than 4000% within a year.
Interestingly, there seems to be room for more price upsurge, as information reaching Nairametrics revealed that the non-custodial lending and borrowing protocol for Aave’s U.K. business entity has been issued an Electronic Money Institution (EMI) license.
Given that Aave’s LEND business entity is based in the U.K, a pilot for its specific services will start in that country. Aave Limited has its own dedicated website and is headquartered in London.
“Aave will pilot in the U.K., before rolling out to cover the whole EEA and expanding globally,” said the founder and CEO, Stani Kulechov. Specifically, the service will allow users “to go from Fiat to stablecoins and other assets natively in the Aave Ecosystem and then use these assets in the Aave Protocol.”
Two days ago, Santiment Research Company dropped vital insights on LEND’s price rising +24.5% on Monday. It listed the whale distribution changes since the previous week:
- +118 addresses with 10k to 100k tokens
- +33 addresses with 100k to 1m
- +9 addresses with 1m to 10m
🐳 $LEND's price is +24.5% in 24 hrs, and our top holder distributions foreshadowed this. These are our whale distribution changes since last week:
— Santiment (@santimentfeed) August 24, 2020
Aave (LEND) is a cryptocurrency token that operates on the Ethereum platform. It has a current supply of 1,299,999,941.703. The last known price of Aave is $0.749698 USD and it has been up 1.85% over the last 24 hours. It is currently trading on 117 active market(s) with $252,001,222.08 traded over the last 24 hours.
A quick Overview
Aave is an open-source and non-custodial protocol to earn interest on deposits and borrow assets with a variable or stable interest rate. It also enables ultra-short duration, uncollateralized flash loans designed to be integrated into other products and services.
Aave began as ETHLend in 2017 after it raised $16.2 million in an Initial Coin Offering (ICO) to create a decentralized lending platform. Later, it announced a parent company, Aave, which would house multiple different products including EthLend, Aave Lending, Aave Pocket, Aave Custody, Aave Clearing, and Aave gaming.
Quick fact: Defi means “decentralized finance.” By definition, it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
World’s most valuable Crypto Exchange, Coinbase ready to go public
US cryptocurrency exchange, Coinbase, today, released an S-1 filing ahead of its direct listing.
Coinbase the world’s most valuable and largest American cryptocurrency exchange, today released an S-1 filing ahead of its direct listing.
Coinbase massive scale suggests why some crypto pundits are bidding its value up to as much as $100 billion on the private markets.
The fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.
Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.
In 2019 Coinbase’s net income was $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.
The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.
In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.
In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”
As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”
Meanwhile, the company also highlighted in a press release it was offering institutional investors its prime brokerage services.
Institutions across the board are building for a future that is protected from new risks; this includes building a diverse balance sheet that is adequately hedged from the traditional capital markets and monetary debasement.
On the corporate side, use cases for digital assets are expanding rapidly from traditional portfolio management as an investment asset within a diversified portfolio — to accounts receivable/accounts payable, employee payroll, and commerce integration, for example.
CBN Governor calls Crypto illegal money
The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.
Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,
“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
“Cryptocurrency is used to describe the activities of players in an electronic dark world” – CBN Governor. pic.twitter.com/2VQuY3HbX7
— YabaLeftOnline Media (@yabaleftonline) February 25, 2021
The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.
Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.
“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.
“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.
What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.
- The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
- Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.
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