Consumers can use Aave Pay app to pay their bills with XRP and other crypto

Aave, a london based Fintech company, has launched a new product today: AavePay.

According to the announcement:

“Aave Pay is accepted wherever bank transfers are accepted, representing a real use case both for private and business adopters: private users can transfer their crypto assets in their own bank account or pay bills, shopping, travels and a variety of other expenses; business users can pay salaries, income taxes and corporate expenses.

Users just have to indicate which cryptocurrency they prefer to use, the amount of fiat currency they want to transfer and the recipient’s International Bank Account Number (IBAN). 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.

The accepted coins to use as payment are Bitcoin, Ethereum, Cardano, Ripple (XRP), Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI and LEND and the fiat currencies available on the app are USD, EUR, CHF, GBP, AUD, INR.”

Aave received two Cryptocurrency Licenses in Estonia a month ago, allowing them to provide wallet and exchange services. The cryptocurrency exchange license, allowed Aave to provide a wide variety of exchange services and solutions for cryptocurrency users, including converting fiat to crypto, crypto to fiat, and crypto to crypto transactions. The cryptocurrency wallet license, allowed the company to provide cryptocurrency wallet services.