Aave launches the Aave Arc product that will allow enterprises to participate in DeFi.
Leading DeFi platform Aave has launched Aave Arc, an edited version of Aave. Corporate companies will be able to join the DeFi industry without any compatibility issues through Aave Arc. Fireblocks, which offers institutional crypto asset custody services, became the first whitelisted user of the product.
Announced in July last year, the platform allows parties that pass financial due diligence to automatically lend and receive crypto assets to other parties. It works the same as Aave’s main protocol work, but only approved parties can participate. Aave Arc will initially support Ethereum (ETH), wrapped Bitcoin (WBTC), USDC and Aave’s native token AAVE.
Fireblocks co-founder and CEO Michael Shaulov said in a statement on the subject that he expects the world’s largest institutions to start joining DeFi with the launch of Aave Arc.
Fireblocks, the first whitelisted company, will conduct due diligence on institutions wishing to lend or borrow crypto assets through the platform. Fireblocks will use globally accepted KYC and due diligence procedures per FATF guidelines when deploying organizations to DeFi. In addition, names such as Celsius, CoinShares SEBA Bank, Bluefire Capital, GSR, Ribbit Capital, QCP Capital and Wintermute were also whitelisted.
Rich Rosenblum, co-founder and president of GSR, also described the launch of Aave Arc as a pivotal moment for DeFi.