Stani Kulechov, co-founder of money market protocol Aave, of the emerging tech in the crypto sphere, DeFi, reportedly shone light to its initiative to design a “private pool” dedicated to “practicing” for establishments, prior to stepping into the DeFi sphere.
Specifically, a Twitter account shared angry comments pointing at Aave’s official Twitter account, claiming that his address has been “blacklisted” because of Anti-Money Laundering laws.
Kulechov reportedly offered his response to the tweet, confirming that a mistake has taken place, and that “The text is actually incorrect and relates to another pool we’re testing out”, prior to his additional revelation after that regarding the targeted demographic for the pool.
Aave’s head of institutional business development, Ajit Tripathi, reportedly offered confirmation that the protocol had put effort in putting out a permissioned pool – the “private pool” description in Kulechov’s Tweet was a misnomer, in a sense that it will be available on public chains, but comes with permissioned access, focusing on businesses. He claimed the pool is devoted to education purposes primarily.
Tripathi further disclosed that the permissioned test pool is particularly built to stay in compliance with the permissioned test pool legislation, and that every client is required to go through Know Your Customer verification process from associated partners. The official release date of the pool is around the corner as well.
“We are in advanced stages of development. Please watch this space for more information.”
Despite numerous AAVE tokenholders reportedly sharing their cheery attitude at the development that institutional money may soon be flowing into the protocol, other users displayed a more skeptical stance towards what centralized institutions setting foot in DeFi might lead to.