The new Aave app unlocks the potential of crypto as a payment method – using Aave Pay users can send money to family, friends, customers, their own bank accounts and pay everyday bills.
Tech company Aave has brought cryptocurrency another step closer to mainstream adoption with the launch of Aave Pay, an app through which consumers can use a wide range of digital currency holdings to pay their bills.
Cryptocurrency holders can use crypto for all of their expenses – Aave Pay is accepted wherever bank transfers are accepted.
The app is also business friendly – it can be used to pay employee salaries, income taxes, and other commercial or corporate expenses, directly into fiat-based accounts.
Stani Kulechov, CEO and founder of Aave, 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.”
Accessible on mobile phone and on the web, users can visit Aave Pay, select which cryptocurrency they want to use, the amount of fiat currency (USD, EUR, CHF, GBP, AUD, INR) they want to transfer and specify the recipient’s International Bank Account Number (IBAN).
Once this information is set, 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.
“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,” said Jordan Lazaro Gustave, COO of Aave.
Users can choose from twelve coins to use as payment: Bitcoin, Ethereum, Cardano, Ripple, Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI and LEND.