Aave Unveils a Crypto Asset-Based Bank Transfer Option

Aave Unveils a Crypto Asset-Based Bank Transfer Option

FACTS

  • The British FinTech –subsidiary of ETHLend– launches a mobile app enabling its users to pay everyday bills in virtual currencies.
  • Goal: free crypto-assets’ potential and increase their popularity
  • The app called Aave Pay may be used by individual people (P2P money transfer) or by corporate customers (payrolls, income taxes, corporate or commercial expenses, etc.).
  • How it works. To carry out a transfer, the customer must
    • Opens the app and pick the cryptocurrency he wants to use
    • Specify the amount in fiat currency (EUR, USD, CHF, GPD, AUD, INR)
    • Provide the recipient’s IBAN
      • Aave Pay calculates an attractive exchange rate and specifies the overall transaction  cost
      • Aave Pay automatically processes the payment, sending the amount to the beneficiary’s bank account
  • Featured crypto-assets:

CHALLENGES

  • Ensuring cryptocurrencies mainstream adoption. Aave takes the concept one step further for crypto-asset holders. They claim they want to break “the paradigm that cryptocurrencies are only asset people invest in and cannot be used as traditional currencies”.
  • Aiming for more customers. The British Fintech bets on cryptocurrencies, which are still coveted by young connected customers. They target a new audience, interested in these assets but discouraged by their costs as well as by some platforms’ intricacy.

MARKET PERSPECTIVE

  • A month ago, Aave was granted two licences from the Estonian Financial Intelligence Unit. They may then expand their range of services in Europe, including with Aave Pay.
  • Just like this start-up, several other companies are focusing on crypto-assets derived opportunities. Facebook would consider letting their users rely on a cryptocurrency to send money or pay for some services.

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