Aave obtains the first UK Electronic Money Institution License By The Financial Conduct Authority and it becomes the first project to receive the license as we are reading more in the latest crypto news.
The authorization will help the blockchain startup on-board a lot more new users as well as to provide key payment services. The investors rushed to purchase LEND after the news and pushed the prices to a new all-time high. As Aave obtains the license, the token hit a new all-time high which granted the company’s major financial license for issuing electronic money. The non-custodial lending and borrowing protocol Aave was given the green light in the UK to offer services such as issuing Electronic Money and also providing payment services. The regulator approved the electronic money institution on July 7th but the authorization was made official with the publication on the federal agency’s website.
The founder and CEO at Aave Stani Kulechov said that the EMI will help his business onboard new users such as Coinbase was able to do so across Europe:
“The objective was to help Aave Ecosystem to access payment accounts and on-board users into DeFi. Electronic Money Institution is the same authorization that Coinbase and Revolut has in Europe. It will mostly support on-boarding new users into the Aave Ecosystem and to the decentralized protocol over time.”
As Aave prepares to take a leap to the decentralization space with the upcoming “Aavenomics” upgrade, the recent move will help the company expand across the world by piloting the official product in the UK. Kulechov believes that the sooner the better as the users will be able to “go from fiat to stablecoins and other assets natively in the Aave Ecosystem.” After the announcement, the prices surged as the speculators purchased LEND and the spike in the buying pressure behind the token pushed the price up to a new all-time high of $0.70 as the indexes suggest that Aave could have more room to grow.
The data from Santiment reveals that alongside the prices, the on-chain and social volume spiked and taken altogether there are signs that combined with the increase in daily active addresses can help determine whether the coin is poised to go further. Usually, when these indexes increase together the positive price movement follows. Now that LEND entered into the price discovery mode, the addresses on the network are in the money.
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