Payward, the parent company of crypto exchange Kraken, and its clients have purchased an undisclosed amount of AAVE tokens, deepening the company's push into decentralized finance (DeFi) and asset management.

The purchases were executed through Digital Asset Special Investments I, LP, a Payward-affiliated investment fund, together with the fund's asset management clients, according to an announcement on Thursday.

The tokens were acquired on the secondary market, meaning they were bought from existing holders rather than issued directly by Aave, and Wyoming-based Payward said it may make additional purchases. Payward and Aave are also exploring opportunities to collaborate in the future, the statement said, without providing details.

Because Payward is buying tokens on the open market rather than directly from Aave, the arrangement amounts to a "signal of alignment" between the two companies and is "paving the way for future collaboration," a person familiar with the matter told CoinDesk.

The deal has evolved since CoinDesk first reported the talks in June, the person added. An earlier proposal called for 250,000 AAVE tokens and a 15% common equity stake in Aave Group at a $385 million valuation. Thursday's announcement makes no mention of equity.

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 broader expansion around four pillars: trading, banking, asset management and Payward Services, which supplies financial infrastructure to banks, fintechs and other platforms. The strategy extends its business beyond crypto trading fees into investment products, payments and services tied to client assets.

"This investment reflects our long-term conviction in onchain credit markets and DeFi, as well as growing demand from our clients for exposure to the infrastructure shaping the future of finance," Gurpreet Oberoi, vice president of Payward asset management and institutional, said in the statement.

Aave allows users to deposit digital assets to earn interest and borrow against collateral through blockchain-based smart contracts. The network holds about $33 billion in net deposits and $11 billion in active loans, according to the announcement. AAVE holders can vote on decisions affecting the protocol and its treasury, which means the token purchases also give Payward and its clients a voice in those decisions.

"Working with Payward is a strategic step toward bringing Aave to the next wave of retail and institutional users," Aave Labs founder and CEO Stani Kulechov said in the release.

The investment comes amid broader dealmaking across the crypto industry, as companies expand into payments, derivatives and tokenized securities. Whether Payward proceeds with additional purchases, and how any collaboration with Aave takes shape, remain open questions after Thursday's announcement.