Platform for Crypto Payments to Bank Accounts Launching in the UK
A business based in London has actually revealed it's introducing a payment service that can assist in increasing the mainstream adoption of cryptocurrencies. It enables users to send or spend digital coins which are converted and then moved in fiat money to the recipient's checking account.
Aave Pay Supports 12 Cryptocurrencies
Aave Pay is an online platform that can be used to pay with cryptocurrencies where regular bank transfers are accepted. Users will likewise be able to send out money to family and friends as well as to pay energy bills. Organisations can benefit from the service to pay staff member salaries and earnings taxes. Other commercial or corporate expenditures can be covered as well with digital coins converted and sent to fiat-based accounts.
Aave Pay has been revealed as both a web-based and a mobile application. While the online platform is live at the minute, there is little details on how to download, install and utilize the mobile app and its features.
“This new application gets rid of the challenges of utilizing crypto in our daily lives,” stated business CEO Stani Kulechov. He added that Aave Pay addresses the spendability issue related to cryptocurrencies
“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 register, supplying your full name, e-mail address, nation of home and citizenship, and likewise pass verification. Then in the “Pay” area you can choose the crypto you wish to send out and set the fiat currency that will be transferred into the recipient's bank account. Euro, U.S. dollar, British pound, Swiss franc, Australian dollar, and Indian rupee are the offered options.
The recipient's name and Iban number are also needed to carry out a transaction. As soon as the info is supplied, Aave Pay computes an exchange rate which remains fixed for 15 minutes. When a crypto deposit is verified, a fiat payment is sent out to the checking account. The transaction can take 1-3 business days to complete.
“We are taking the concept of holding cryptocurrencies further, in such a way that has not been done in the past, breaking the paradigm that cryptocurrencies are just assets individuals invest in and can not be used as standard currencies,” said Jordan Lazaro Gustave, COO of Aave.
The U.K. startup is also offering a crypto-fiat financing service that uses digital assets as security. In the start 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 offer crypto exchange and wallet services.
It is the opinion of this CryptoScoop author that when banks get involved the whole process of exchange becomes stagnated … banks love nothing more than holding onto your money for as long as possible, making a profit for themselves in the process. And don't get me started on bank fees, those things drain money away from the recipients in huge volumes worldwide.
I have also noticed a large uptake of licences from Estonia for all sorts of crypto-related projects, it seems Estonia are handing them out like candy … “buyer beware” is what springs to mind, do your research and do it well !!!
Do you think apps like Aave Pay help the adoption of cryptocurrencies for payments? Tell us in the comments section below.
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