In an attempt to bring crypto closer to the mainstream, London-based fintech startup Aave has announced the launch of Aave Pay.
The app will allow its users to pay their utility bills using digital coins by converting crypto into fiat in real-time using bank transfer facility. The company says the platform can be used for business expenses as well as employee salaries, income taxes, and other commercial or corporate expenses.
Commenting on the new platform, Aave’s founder and CEO Stani Kulechov said: “This new application eliminates the obstacles of using crypto in our everyday lives. It addresses crypto’s spendability problem and builds a bridge for crypto to cross over into mainstream use.”
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The cross-platform app is available on both mobile phones and on the web where users can simply choose their desired cryptocurrency from a list of twelve supported coins – Bitcoin, Ethereum, Cardano, Ripple, Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI, and LEND – and the fiat in which the bill needs to be paid. According to the announcement, the platform will support six fiat currencies – USD, EUR, CHF, GBP, AUD, and INR.
“We are taking the concept of holding cryptocurrencies further, in a way that has not been done before, breaking the paradigm that cryptocurrencies are only assets people invest in and cannot be used as traditional currencies,” Jordan Lazaro Gustave, COO of Aave, added.
Aiming to Become a Crypto Lending Giant
Aave is the company behind the crypto lending platform ETHLend. Earlier this month, the platform extended its borrowing support with BTC as collateral, only a week after it received two operating licenses in Estonia.
One license grants the company to provide a wide variety of exchange services and solutions for cryptocurrency users, including converting fiat to crypto, crypto to fiat, and crypto to crypto transactions, while the other allows it to offer cryptocurrency wallet services.