Stani Kulechov, Founder and CEO, Aave

Swiss-based Fintech Aave has launched Bitcoin support on its crypto lending marketplace ETHLend.  Aave, as one of the early adopters of Ethereum protocol, is now able to provide a bridge between Ethereum and Bitcoin protocols. The users of the platform can now use BTC, ETH, and ETHLend’s native token LEND, along with a range of ERC-20 tokens as collaterals to borrow funds when they want to avoid selling their holdings in the hope of an upside of the crypto market.

ETHLend is the first Ethereum-based application that Integrates Blockchain Interoperability with Bitcoin. It forms a part of decentralized financial products, developed using blockchain technology and smart contracts to promote transparency and decentralization within the financial applications. It is a lending peer to peer marketplace where users can borrow money using their crypto assets as collateral with over 20 million USD lending volume generated last year.

“ETHLend provides a service that is quite useful for the cryptocurrency holders. Now they went further by offering BTC interoperability – representing the king of all cryptocurrencies for most people,” praised Jun Gong, Co-Founder of Dapp.com.

“Economically, the introduction of Bitcoin to the marketplace is a momentous development in the crypto-lending industry as the Bitcoin market capitalisation floats above $50 billion. For the first time in the short history of crypto-lending, borrowers can propose their own interest rates for Bitcoin loans in a peer-to-peer marketplace instead of relying on lender dictated markets,” says Stani Kulechov, CEO of Aave.

Last month, Aave received two regulatory licenses’ approval from the Estonian Financial Intelligence Unit (FIU), which will allow the company to expand its services in Europe.

Established in 2017 in Switzerland, Aave is involved with the development of decentralized and hybrid blockchain applications. It has an extensive list of products that range from ambient accounts, lending software, custody and payments services to blockchain-based games and developer tools.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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