Technology firm Aave has introduced an app, which will enable consumers to pay bills through virtual currency.
Dubbed Aave Pay, the new app can be used to pay employee salaries, taxes, as well as other commercial or corporate expenses into fiat accounts directly.
It can be used wherever bank transfer is accepted and is compatible with mobile phone and web.
The app supports Bitcoin, Ethereum, Cardano, Ripple, Monero, Litecoin, Zcash, Dash, Lumen, Bitcoin Cash, DAI and LEND.
To use the app, consumers first need to choose the cryptocurrency, amount of fiat currency to be transferred along with the recipient’s IBAN.
The app then calculates a competitive exchange rate, while notifying the user regarding the final cost and automatically sending the payment.
Aave CEO and founder Stani Kulechov said: “This new application eliminates the obstacles of using crypto in our everyday lives.
“It addresses crypto’s spendability problem and builds a bridge for crypto to cross over into mainstream use.”
Aave COO Jordan Lazaro Gustave added: “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.”