Sky Protocol has announced the launch of Grove, a new DeFi credit protocol supported by a $1 billion investment.
Launch of Grove and Its Features
On June 25, Sky Protocol announced the launch of Grove, a new institutional credit protocol that is backed by $1 billion for investment in the Janus Henderson Anemoy AAA CLO strategy. This strategy provides DeFi access to a traditional asset class known for its yield stability.
Team and Partners
The founding group of Grove includes veterans from traditional and decentralized finance sectors, working with companies like Citigroup and Deloitte. Grove Labs, part of Steakhouse Financial, collaborated with the Janus Henderson team to develop the protocol.
Future of Grove in the Sky Ecosystem
Grove is part of Sky's strategic plan to integrate tokenized real-world assets into DeFi. In the future, Grove aims to facilitate the interaction between asset managers and crypto projects.
The launch of Grove highlights the growing interest in tokenized fixed-income products in DeFi and emphasizes Sky Protocol's commitment to integrating traditional financial products into decentralized systems.
