Payward Fund Buys AAVE Tokens on Secondary Markets

Payward said an affiliated fund and its asset-management clients bought AAVE tokens on secondary markets, in a purchase that adds the cryptocurrency company to Aave’s investor base. The November 5 announcement did not disclose how many tokens were acquired, the price paid or the dates of the trades. Payward said further purchases may follow. The purchases were made through Digital Asset Special Investments I, LP, a fund affiliated with Payward, the company behind the Kraken exchange. Payward said clients of its asset-management business also participated. Because the tokens were bought on secondary markets, the transaction was not a sale of newly issued tokens or a financing round from Aave. Payward said it and Aave are considering ways to work together, but neither company announced a joint plan, product, agreed terms or timetable. The token purchase does not establish that Aave products will be integrated into Kraken. Payward also did not disclose whether it plans to use its AAVE holdings to vote on governance decisions; AAVE holders can vote on matters concerning the network and its treasury. Payward described the purchase as a milestone for its asset-management operation,...