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Aave (LEND) sets fresh highs against Bitcoin after onboarding major investment partners

Aave (LEND) sets fresh highs against Bitcoin after onboarding major investment partners
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This post was last updated on February 4th, 2021 at 08:06 pm

LEND โ€“ the native token of the popular Ethereum-based DeFi lending protocol Aave โ€“ is seeing a parabolic upswing today upon news of the imminent rollout of multiple new initiatives, as well as the onboarding of several notable investors.

Per an announcement from earlier today, Aave explained that Three Arrows Capital and Framework Ventures purchased a combined total of $3 million in LEND to help fund the protocolโ€™s expansion.

These tokens are now worth $7 million due to LENDโ€™s intense bull run, and todayโ€™s news helped push the token to fresh all-time highs against its Bitcoin trading pair.

LEND price rockets by 1600% in 2020

Like most other DeFi protocols, LEND has seen notable upside throughout 2020.

Starting the year at around $0.015, the cryptocurrency has since seen parabolic momentum that has sent its price rocketing up to its current price of $0.26 โ€“ marking an over 1600 percent climb.

This makes lend one of the best performing digital assets of the year, and the vast majority of these gains have come about throughout the past two months, as its uptrend turned parabolic in early June.

Although Aaveโ€™s LEND token remains down from its early-2017 USD highs of $0.40, it was able to just set fresh all-time highs against its Bitcoin trading pair.

Aave onboards multiple strategic investors to fund new initiativesย 

Per a recent blog post from July 15, Aave noted that Framework Ventures and Three Arrows Capital both participated in a $3 million fundraising round, purchasing LEND tokens at a $0.10 cost basis.

They explain that the two firms will be working with them hand-in-hand to help on multiple fronts, including the introduction of a new token economic model that will incorporate staking, liquidity rewards, and a new smart contract.

The funds will also be actively engaged in the governance of the protocol.

While speaking about the strategic investors, Aaveโ€™s CEO and founder โ€“ Stani Kulechov โ€“ explained that the two firms will โ€œbring substantial expertiseโ€ to help scale the protocol.

โ€œOur focus has always been innovation and diligent risk management, which has got the attention of Framework Ventures and Three Arrows Capital. Their involvement will bring substantial expertise to scale the protocol for institutional usageโ€ฆโ€

LEND investors reacted positively to the news, with the tokenโ€™s price surging over 20 percent over the past 24-hours alone.

As the protocol continues developing and a more decentralized ecosystem is built around LEND, the tokenโ€™s fundamental strength will likely begin matching that seen by its price.

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Posted In: , DeFi, Price Watch
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