Reporting · markets
Aave Labs acquires Avon's team and technology in deal
Aave Labs is taking on Avon's team, technology and onchain order book, with financial terms undisclosed and key approvals still pending.
Quick take
- Avon, whose business centers on lending at both fixed and floating rates, has been acquired by Aave Labs along with its team and technology.
- The deal includes Avon's onchain order book, and the financial terms were not disclosed.
- Audits and governance approval are still outstanding, according to the details provided.
NewsBTC reported that Aave Labs has acquired Avon's team and technology, and Avon's lending work centers on both fixed and floating interest rates. According to an announcement dated November 6, the transaction also includes Avon's onchain order book. The companies did not disclose the financial terms of the deal.
Two engineers, Prince Sinha and Ayush Kaul, are joining Aave as part of the arrangement. Omar el-Ashaal is also joining the company, in its business development group. No financial figures for the acquisition were disclosed, so its cost remains unknown.
Aave itself reports more than $33 billion in deposits and $13 billion in active loans, according to the figures it has published. Those numbers are company-reported and fluctuate over time. Separately from the deal, the acquisition itself should not be read as a fixed-rate product launch.
Audits and governance approval are still outstanding for the transaction, so those steps have not been completed.
Sources
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