Billionaire investor Mark Cuban is doubling down on his bet on a top decentralized finance (DeFi) project.
The Dallas Mavericks owner and Shark Tank star’s Ethereum wallet address was revealed last week after he promoted a digital collectible listed on the non-fungible token (NFT) marketplace Rarible via his social media account.
The wallet revealed Cuban had 450 staked Aave (AAVE), a decentralized lending platform that’s surged nearly 200% in value the past two weeks, according to CoinGecko. Cuban’s initial 450 Aave purchase was worth roughly $128,500.
Cuban’s wallet address now shows he owns more than 947 Aave, all of which are staked. That haul is worth more than $460,000 at time of writing.
Cuban is not the only high-profile investor to show some interest in the lending platform. In a recent interview, Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, said Aave was one of a handful DeFi assets that he believes could “blow up the world” and replace JP Morgan and the New York Stock Exchange in the future.
Cuban revealed last month that he’s been a longtime cryptocurrency investor despite his sharp critiques of digital assets in the past.
Though the billionaire has shown an apparent interest in Aave, he’s also publicly warned DeFi traders that the space faces the same risk of collapse as the traditional derivatives market.
“Just remember WITH DeFi, as with all derivatives, the RISK NEVER LEAVES THE SYSTEM. One segment collapses, they all face risk of collapse.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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