Key Takeaways
- • Payward, parent of crypto exchange Kraken, and its clients bought an undisclosed amount of AAVE tokens on the secondary market, according to an announcement on Thursday, November 5, 2026.
- • The purchases were made through Digital Asset Special Investments I, LP, a Payward-affiliated fund, and its asset management clients, and Payward said it may make further purchases.
- • The deal evolved from June talks first reported by CoinDesk that proposed 250,000 AAVE tokens and a 15% common equity stake in Aave Group at a $385 million valuation; the announcement makes no mention of equity.
- • Payward is buying on the open market rather than directly from Aave, which a person familiar with the matter described as a signal of alignment paving the way for future collaboration.
- • Aave's network reports about $33 billion in net deposits and $11 billion in active loans, per the statement.
Summary
Payward, the parent company of crypto exchange Kraken, and its clients have acquired an undisclosed amount of AAVE tokens, extending the company's push into decentralized finance and asset management. According to an announcement on Thursday, the purchases were executed through Digital Asset Special Investments I, LP, a Payward-affiliated investment fund, along with its asset management clients. The tokens were bought on the secondary market, and the Wyoming-based company said it may make additional purchases. Payward and Aave also stated they are exploring opportunities for future collaboration, though no specifics were provided.
The transaction evolved from talks first reported by CoinDesk in June, which included a proposed equity stake. That earlier proposal involved 250,000 AAVE tokens and a 15% common equity stake in Aave Group at a $385 million valuation. According to a person familiar with the matter cited by CoinDesk, the structure has since changed, and Thursday's announcement does not mention equity. The same source described the market purchases, rather than direct purchases from Aave, as a signal of alignment between the two companies.
The investment advances Payward's effort to build an asset management business spanning digital assets, structured yield and tokenized investments. The company has organized its expansion around four pillars: trading, banking, asset management and Payward Services, which provides financial infrastructure to banks, fintechs and other platforms. The strategy moves the company beyond crypto trading fees into investment products, payments and services tied to client assets.
In the statement, Gurpreet Oberoi, vice president of Payward asset management and institutional, said the investment reflects long-term conviction in onchain credit markets and DeFi, as well as growing client demand for exposure to the infrastructure shaping finance. Aave, which lets users deposit digital assets to earn interest and borrow against collateral via smart contracts, reports about $33 billion in net deposits and $11 billion in active loans. Aave Labs founder and CEO Stani Kulechov said working with Payward is a strategic step toward bringing Aave to the next wave of retail and institutional users. The transaction comes amid broader dealmaking as crypto firms expand into payments, derivatives and tokenized securities.
The transaction evolved from talks first reported by CoinDesk in June, which included a proposed equity stake. That earlier proposal involved 250,000 AAVE tokens and a 15% common equity stake in Aave Group at a $385 million valuation. According to a person familiar with the matter cited by CoinDesk, the structure has since changed, and Thursday's announcement does not mention equity. The same source described the market purchases, rather than direct purchases from Aave, as a signal of alignment between the two companies.
The investment advances Payward's effort to build an asset management business spanning digital assets, structured yield and tokenized investments. The company has organized its expansion around four pillars: trading, banking, asset management and Payward Services, which provides financial infrastructure to banks, fintechs and other platforms. The strategy moves the company beyond crypto trading fees into investment products, payments and services tied to client assets.
In the statement, Gurpreet Oberoi, vice president of Payward asset management and institutional, said the investment reflects long-term conviction in onchain credit markets and DeFi, as well as growing client demand for exposure to the infrastructure shaping finance. Aave, which lets users deposit digital assets to earn interest and borrow against collateral via smart contracts, reports about $33 billion in net deposits and $11 billion in active loans. Aave Labs founder and CEO Stani Kulechov said working with Payward is a strategic step toward bringing Aave to the next wave of retail and institutional users. The transaction comes amid broader dealmaking as crypto firms expand into payments, derivatives and tokenized securities.
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