Aave Launches App Allowing Users To Pay Bills With Crypto

March 1, 2019
Aave Launches App Allowing Users To Pay Bills With Crypto March 1, 2019 Kevin Stokes
Aave  Pay

Aave, a Swiss based company that is focused on increased cryptocurrency adoption recently announced the launch of a cross-border payment service.

The app is called ‘Aave Pay’ and allows users to use as many as 12 digital assets to make instant transfers all over the world. Accessible via web and mobile, this service will be sure to make payments and fund transfers a whole lot easier.

Aave Pay is very impressive on several levels. First, there is the fact that it can handle 12 crypto currencies.

This includes Bitcoin (BTC), Ripple’s XRP, Ethereum (ETH), Monero (XMR), Zcash, Litecoin (LTC), Dash, Bitcoin Cash, Stellar Lumen, LEND and DAI. This covers most of the popular digital assets out there.

Considering this is Aave’s first move into the payment market, this is pretty impressive start. Giving users the option of using their cryptocurrency of choice makes it an ideal choice for many users. What makes Aave Pay even more special is that it can be used at all places where bank transfers are accepted. This is a major plus with the payment app as it allows users to leverage the app and make payments for just about everything from taxes to groceries.

In a statement, Jordan Lazaro Gustave, Chief Operation Officer of Aave said

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.

The payment platform is pretty simple to use. Users first select the cryptocurrency of choice, then they will select the fiat currency that they will be sending. Users will then give the recipient’s international bank account number. Aave Pay will go on to calculate an exchange rate for the transfer and give users the final cost of the transfer. All the user needs to do then is to confirm the transfer.

Impressive Second Product

This is second product from Aave to hit the market and combines well with its debut product – ETHLend. The ETHLend service allowed users to borrow money on a peer-to-peer marketplace showcasing how digital assets could be used as a way to get loans. This dovetails well with the startup’s goals of increasing the adoption of cryptocurrencies in the current market.

Aave

Aave has been aggressive in pursuing its objective of greater cryptocurrency adoption. The company has already expanded into the UK with offices in Shoreditch and recently received cryptocurrency licenses in Estonia. With the launch of Aave Pay, the company will get a lot more attention in the global payments market.

About the Author

Kevin Stokes

Kevin Stokes Contributor

Kevin is our crypto expert, he will be keeping us in the know with all the going ons in the market as well as news on ICO's and the latest coins. Kevin has worked previously in the finance sector.


Related Articles

Trezor Warns Traders About Fake Wallets Flooding The Market

Crypto traders are always on the lookout for better ways to improve their security. This is mostly because they can

Denmark Follows UK To Ban Binary Options From July 2019

The binary options market got smaller recently when UK regulators decided that it was time to crack down on what

Weiss Ratings Wants Countries To Start Using Privacy Coins

Weiss Ratings recently recommended that more countries start using privacy cryptocurrency coins which use Privacy Distributed Ledger Technology (PDLT). Cryptocurrencies