We annouce today a new product which we are very proud of: Aave Pay, breaking the paradigm that cryptocurrencies are only speculative assets.
Aave Pay is a step toward the usability of crypto as a real currency: adopters will be able to use a wide range of digital currency holdings to pay everyday expenses.
A real use case
Aave Pay is accepted wherever bank transfers are accepted, representing a real use case both for private and business adopters: private users can transfer their crypto assets in their own bank account or pay bills, shopping, travels and a variety of other expenses; business users can pay salaries, income taxes and corporate expenses.
This app addresses crypto’s spendability problem, bringing cryptocurrency closer to mainstream adoption.
How does it work?
Aave Pay is available on the web and on mobile with a very simple, direct and user-friendly interface.
Users just have to indicate which cryptocurrency they prefer to use, the amount of fiat currency they want to transfer and the recipient’s International Bank Account Number (IBAN). Aave Pay calculates a competitive exchange rate, alerts the user of the final cost, then automatically sends the payment to the recipient’s bank account.
The accepted coins to use as payment are Bitcoin, Ethereum, Cardano, Ripple, Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI and LEND and the fiat currencies available on the app are USD, EUR, CHF, GBP, AUD, INR.
ETHLend and Pay - Take a loan in crypto and spend real money!
Aave Pay comes as a new and stand alone product, but can be efficiently paired with our main and most well known product: ETHLend, the first peer to peer crypto backed lending marketplace.
Here is an easy example: a crypto rich user has to buy a new car. The current bear market is not the best environment to sell crypto assets. The user can get a loan with ETHLend, putting his crypto as collateral, get the liquidity in digital assets and use Aave Pay to directly tranfer this assets in his IBAN account to get fiat money and buy the car.
At Aave we are focusing on creating valuable stand alone products, which together are even more valuable. We aim at building an ecosystem that helps people to enjoy easy and transparent services and to get the benefits of decentralized finance.
Try it now here!