Aave Labs, the developer of the popular decentralized lending protocol, has announced plans to launch an app on Apple‘s App Store and opened a waitlist for interested users.
Aave’s new product functions like a savings account, but with higher returns. Users can earn at least 5% annual interest on their assets and deposit funds from a bank account or debit card. The product uses stablecoins, cryptocurrencies pegged to national currencies such as the US dollar.
According to DefillamaAave is a network with over $30 billion in deposits. Its clients can earn higher interest on their assets than at traditional banks. However, this comes with a higher risk of hacks and a lack of government compensation.
Aave Labs founder and CEO Stani Kuleshov emphasized that the Aave protocol, as well as the upcoming Aave app, are secure, as demonstrated by five years of exploit-free operation.
Usually DeFi available to very experienced professional users,” Kuleshov added. “The next step for DeFi — provide consumers with more direct access.
It’s not just the Aave team that is looking to expand its audience, the American crypto exchange Kraken is also striving to attract more users. The company is creating its own banking products based on stablecoins, or cryptocurrencies pegged to underlying assets such as the US dollar.