DeFi Protocol Aave Money Market with CrescoFin is now live
DeFi lending protocol is launching a new money market, according to its dev team. This launch marks the strategic partnership of Aave and CrescoFin, a Switzerland-regulated corporation that works to promote DeFi acceptance.
The official announcement of the collaboration came on Medium, with CrescoFin mentioning the advantages of providing DeFi insured savings and the solid safety credentials of Aave. The Swiss company highlighted its "institutional adoption"strategies and pointed out Aave's perspective on security as a necessary condition to draw potential investors’ attention.
Despite some signs slow adoption of crypto by institutional investors, CrescoFin hopes Aave’s integration with a safe savings account will drive to mass institutional adoption. The firm has also reported that the prices oracle Chainlink would include proof of reserves and pricing details. Through the money market, investors are able to deposit funds with insured tokens in turn for collateral. Token burning works when fund withdrawals occur. DeFi users can use "money legos," a concept often used to characterize the process of interactive approach with multiple smart contracts and configurability.
The announcement noted that insured savings aren’t yet available, but are commonly considered to be important components of the conventional financial system. CrescoFin also emphasized the role of Aave as a key player for the DeFi ecosystem, especially in the "reassuring, long-term commitment" within the community.
