According to a press release, the UK-based fintech startup, Aave, has unveiled a crypto-fiat payment application where users can send money to family, friends, customers or their own bank accounts as well as pay everyday bills. The company claims the Aave Pay app will bring cryptocurrency a “step closer to mainstream adoption”.
Aave Pay is “simple, direct and user-friendly”. Users select which cryptocurrency they want to use, the amount of fiat currency 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.
“You decide the amount to send and we calculate competitive exchange rates,” says the website.
“This new application eliminates the obstacles of using crypto in our everyday lives,” said Stani Kulechov, CEO and Founder of Aave. “It addresses crypto’s spendibility problem and builds a bridge for crypto to cross over into mainstream use”.
Converting Crypto Into Fiat In real Time
By converting crypto into fiat in real-time using bank transfer facilities, users have a choice of which cryptocurrency to use. At the moment following cryptocurrencies are supported: LEND, Dai, Bitcoin, Ethereum, Cardano, Litecoin, Bitcoin Cash, Monero, ZCash, Dash, Lumen, Ripple and Tether. They accept Euro, GBP and Swiss Francs for IBAN accounts, USD for ABA accounts, Australian Dollars for BSB accounts, as well as Indian Rupees for IFSC accounts.
“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, Chief Operating Officer of Aave.
Aave is the company behind the crypto lending platform ETHLend, who earlier this month announced that they would accept Bitcoin and that users can apply the digital asset as collateral to borrow funds.