Kraken in talks to acquire 15% stake in Aave

Crypto exchange Kraken is negotiating to acquire a 15% stake in the crypto lending protocol Aave (AAVE), CoinDesk reported. The discussions reportedly involve Kraken investing approximately 35,000 ETH in exchange for 250,000 AAVE and a 15% stake in the common stock of the Aave Group. The deal is estimated to be worth around $71 million. This would be the first investment under a strategy by Kraken's parent company, Payward, to expand its asset management business as part of a plan to actively explore future opportunities in DeFi and other areas.