Sky ecosystem's new member Grove receives $1 billion funding to advance RWA business.

On June 25, according to Coindesk, the Decentralized Finance protocol Grove officially launched this Wednesday, focusing on building institutional-level credit infrastructure, and announced a strategic investment commitment of $1 billion in tokenized assets. DeFi lending giant Sky will allocate $1 billion in funding to the Grove protocol for investing in tokenized collateralized loan obligations (CLOs). The protocol aims to bridge DeFi and traditional financial assets by introducing on-chain funds into regulated credit investments (with a focus on collateralized loan obligations CLOs). Grove's infrastructure allows crypto-native protocols and asset management companies to invest in real-world assets (RWA), thus activating idle reserves and obtaining returns independent of the crypto market. The protocol is incubated by the DeFi professional organization Steakhouse Financial, which played a key role in introducing RWA to the Sky ecosystem.