Aave's New Licence is the Same One Coinbase and Revolut Use

By Abhimanyu Krishnan | News | 25 Aug 2020

DeFi lending and borrowing protocol Aave (LEND) has received an Electronic Money Institutional (EMI) license from the UK Financial Conduct Authority (FCA), according to a listing on the FCA website. The license is the same one that Coinbase and Revolut were granted, allowing them to fully execute their operations in the UK.

  • Aave Limited was approved for the license on July 7; with it, it can provide payment services and issue digital cash alternatives
  • Founder and CEO Stani Kulechov described the purpose as being “to help Aave Ecosystem to access payment accounts and on-board users into DeFi”
  • Kulechov highlighted the on-boarding of new users as being the main goal
  • This makes Aave the first DeFi platform to receive the license, and marks a big step towards reaching mass adoption
  • Following establishing a presence in the UK, Aave plans to expand into the European Economic Area (EEA) and across the globe

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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