Aave founder Stani Kulechov has rejected reports that Payward, the parent company of cryptocurrency exchange Kraken, made a bid to acquire a 15% stake in the protocol for $385 million. The reported valuation would have valued Aave at approximately $2.6 billion, representing only 30% of the token's current market capitalization, according to The Block.
Kulechov's denial came swiftly after market reports suggested Payward had approached the protocol about a strategic investment. The founder's pushback underscores reluctance from Aave leadership to accept what would be considered a significant discount to the protocol's market valuation, signaling confidence in the project's current positioning and future prospects.
The incident highlights the ongoing appetite from traditional financial and crypto infrastructure players to acquire stakes in leading decentralized finance protocols, even as valuations remain contested between market participants and protocol insiders.