Kraken Seeks to Acquire 15% Stake in Aave for $71M, AAVE Up 5% on June 26

AAVE5.35%
ETH-4.54%

According to CoinDesk on June 26, cryptocurrency exchange Kraken is negotiating to acquire a 15% stake in DeFi protocol Aave in a deal valued at approximately $71 million. The investment will include 35,000 ETH and 250,000 AAVE tokens, with Aave receiving a valuation of roughly $385 million.

Following the announcement, AAVE token price rose 5% to $86 within 24 hours. This marks the first major investment by Kraken's newly established investment arm, PayWard Asset Management.

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