Kraken in talks to buy 15% stake in DeFi lender Aave at $385 million valuation
The DeFi lender is rebuilding after the fallout from April’s KelpDAO exploit sparked a multibillion-dollar exodus of deposits despite Aave itself not being hacked.
Make preferred on
Share this article
Summary
- Kraken is evaluating a deal to acquire a 15% stake in DeFi lending protocol Aave, valuing the company at $385 million, according to sources.
- The proposed investment comes months after Aave weathered the fallout from the KelpDAO exploit, which left the protocol with significant bad debt and triggered billions of dollars in withdrawals despite its smart contracts remaining uncompromised.
- The potential transaction reflects Kraken’s parent company Payward’s push to diversify ahead of a potential IPO.
