Aave, a UK-based tech company which specializes in the development of decentralized and hybrid blockchain applications, announced on Wednesday the launch of its new mobile app, Aave Pay. According to Aave, the app allows users to pay bills with cryptocurrency through banking transfers. The app’s description reads:
“Easily accessible on mobile phone and on the web, Aave Pay is simple, direct and user-friendly. Users can simply 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.”
While sharing more details about the app, Jordan Lazaro Gustave, COO of Aave, stated:
“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.”
Aave added that cryptocurrency holders can now start spending. Users can choose from twelve coins to use as payment, which are Bitcoin, Ethereum, Cardano, Ripple, Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI and LEND.