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.
