Aave Gets Licensed as an Authorized Electronic Money Institution; LEND Sees Explosive Growth

The non-custodial lending and borrowing protocol Aave’s UK business entity has been issued an Electronic Money Institution (EMI) license by the UK Financial Conduct Authority (FCA).

Aave Limited was granted the license on July 7, and now this authorization allows the company to offer services like issuing digital cash alternatives and providing payment services.

“Yet another solid move by the Aave team to build a bridge between DeFi and the world with direct fiat onramps” tweeted Jay Hao, CEO of OKEx.

This authorization that allows Aave to facilitate payments and currency conversions while enabling them to issue electronic money accounts for consumers and businesses would further help Aave open up Defi services to a broader user base as it moves towards mainstream adoption, said the company.

In the crypto world, Coinbase and Revolut have also been granted EMI license, and now Aave has joined the rank too, which it says will enable them to “grow the Aave Ecosystem and build innovative products that bridge DeFi and Fintech.”

Aave is currently a hot project in the DeFi ecosystem, as reflected in the nearly $7 billion of total value locked in this protocol, as per DeFi Pulse. This represents a growth of almost 1,000% in just five months.

This jump in value led Aave to replace Maker and secure dominance in the DeFi space at 20.93%.

Aave’s token LEND is also enjoying the bulls, up 25% today to hit an all-time high of $0.769, for now, the token has reiterated to $0.747. Since the weekend, it has spiked 46% and is up a whopping 8,329% YTD.

As we reported, Aave has seen much attention and excitement in the community and from institutional investors recently. A VC darling, having secured two rounds of funding, the DeFi protocol announced V2 launch and is preparing for Avenomics that will introduce a governance token.

Reportedly, its governance smart contracts are in testnet, and the smart contract to activate staking incentives on migration is under audit.

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