A company based in London has announced it’s launching a payment service that can help increase the mainstream adoption of cryptocurrencies. It allows users to send or spend digital coins which are converted and then transferred in the form of fiat money to the recipient’s bank account.
Aave Pay Supports 12 Cryptocurrencies
Aave Pay is an online platform that can be employed to pay with cryptocurrencies where regular bank transfers are accepted. Users will also be able to send money to family and friends as well as to pay utility bills.
Businesses can take advantage of the service to pay employee salaries and income taxes. Other commercial or corporate expenses can be covered as well with digital coins converted and sent to fiat-based accounts.
Aave Pay has been announced as both a web-based and a mobile application. While the online platform is live at the moment, there is little information on how to download, install and use the mobile app and its features.
“This new application eliminates the obstacles of using crypto in our everyday lives,” said company CEO Stani Kulechov. He added that Aave Pay addresses the spendability problem associated with cryptocurrencies and “builds a bridge for crypto to cross over into mainstream use.”
According to its website, the platform currently supports 12 cryptocurrencies: bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), cardano (ADA), ripple (XRP), monero (XMR), litecoin (LTC), zcash (ZEC), stellar lumen (XLM), dash, dai, and lend.
Transfers Can Be Made to Accounts in 6 Fiat Currencies
To use Aave Pay, you need to sign up, providing your full name, email address, country of residence and citizenship, and also pass verification. Then in the “Pay” section you can choose the crypto you want to send and set the fiat currency that will be deposited into the recipient’s bank account. Euro, U.S. dollar, British pound, Swiss franc, Australian dollar, and Indian rupee are the available options.
The recipient’s name and Iban number are also required to perform a transaction. Once the information is provided, Aave Pay calculates an exchange rate which remains fixed for 15 minutes. When a crypto deposit is confirmed, a fiat payment is sent to the bank account. The transaction can take up to 1-3 business days to complete.
“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.
The U.K. startup is also offering a crypto-fiat lending service that uses digital assets as collateral. In the beginning of February, its ethereum-based platform called ETH Lend added support for BTC. Last month, Aave was granted two Estonian licenses that allow it to provide crypto exchange and wallet services.
Do you think apps like Aave Pay help the adoption of cryptocurrencies for payments? Tell us in the comments section below.
Images courtesy of Shutterstock.
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