Maria Magenes, an Aave’s personnel, announced in her blog on February 27 about the company’s launch of Aave Pay. Maria highlighted that the notion of cryptocurrencies being only ‘speculative’ would change with the arrival of the product.

To quote Maria –

“Aave Pay is a step toward the usability of crypto as a real currency: adopters will be able to use a wide range of digital currency holdings to pay everyday expenses.”

Maria explained with applicability to a real use case involving bank transfers. This paves the way for usage among private/general and business users. Private users can leverage cryptocurrencies to pay for travel, domestic bills or shopping. Likewise, business users can pay salaries, income tax or cover corporate expenses.

Maria informed that Aave Pay is available on web and mobile applications offering an easy-to-use interface. The process to use the service starts off by selecting the cryptocurrency to transact with, entering the fiat amount to send and finally entering the recipient’s International Bank Account Number (IBAN).

The Chinese government HAD EARLIER released a ranking of cryptocurrencies, placing Bitcoin (BTC) in the 18th position and ranking EOS at the top of the list. (8) (1)

Aave Pay then works out the final cost and alerts the user before sending the payment to the recipient’s bank account, Maria clarified. Maria headlined that the product will support cryptocurrencies such as Bitcoin, Ethereum, Ripple, Monero, etc.

Maria emphasized the firm’s intention is to become a crypto lending giant by pairing Aave Pay with their well-known product ETHLend. This would bring about the first peer to peer digital coin backed lending marketplace.

Maria illustrated this with an example: Consider a crypto rich user who wants to buy a car. The current market situation may be bearish and not favorable to sell crypto assets. In such a dilemma, the user can get a loan from ETHLend keeping his crypto assets as collateral and receiving fiat currencies to purchase the car.

Maria concluded in her blog about the company’s vision to build valuable autonomous products which when working together provides even more productivity gain. Maria reiterated that it was the company’s endeavor to build an environment where every user would be able to make use of transparent services while also being benefited by the decentralized economy.