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