The founders behind popular decentralized digital asset-backed lending platform ETHLend, today announced the launch of Aave, a new blockchain technology company. The name Aave, comes from the Finnish word for “ghost.” The venture intends to introduce new products and services, such as Aave Pocket, Aave Lending (SaaS), Aave Gaming, Aave Custody, and Aave Clearing.
Stani Kulechov, CEO of Aave said, “By integrating our innovative technology into the services already offered by traditional institutions, we can transform the way people interact and provide new products and services that will help them seamlessly achieve their goals at a lower cost, ultimately giving them access to new opportunities that have not been possible before.”
The executive roles will remain the same with ETHLend becoming a subsidiary under Aave. Stani Kulechov will stay on as CEO, Jordan Lazaro Gustave as COO, and Nolvia Serrano as CMO. Mika Söyring will join as CFO and Ville Valkonen as CCO. Mika previously served as the CFO of health technology company Revenio Group Corporation (formerly Done Solutions Corporation), and has extensive experience as an entrepreneur and a financial specialist. Ville previously operated a legal consulting firm that focused on start-ups in Finland, and also worked for law firms, focusing heavily on SMEs and providing counseling on contract matters.
“Aave is a pioneer in the lending industry. As ETHLend, Aave was the first in the space to provide a solution to those in need of liquidity and unlock what was previously viewed as unassailable funds. It’s very satisfying to watch them evolve. As a U.S.-based market maker, I can confirm that they understand the level of importance in policy, procedure, and safety, and I look ahead with much enthusiasm for the future of our working relationship.”
Several products under Aave’s line include:
- Aave Pocket – is an ambient account innovation, and one of the first products developed by Aave to serve the gig economy and micropayments industry, removing the need for credit cards and bank-to-bank fees between online merchants/developer entrepreneurs, and their end-user customers. All transactions stay where the user is earning and spending, contained within an application, enabling true peer-to-peer payment, even across international borders.
- ETHLend – is a decentralized financial marketplace for peer-to-peer digital asset-backed loans operating on the Ethereum blockchain using smart contracts. ETHLend solves the liquidity challenge of being cash-poor, but crypto-asset rich. Borrowers can request secure loans by pledging their cryptocurrency assets as collateral to receive spendable funds. This enables borrowers to retain their exposure on cryptocurrency without the need for selling the assets when the borrower has sudden expenses.
- Aave Lending – inspired by ETHLend, is a turnkey solution for the digital asset-backed lending market. Aave Lending solves the issues that follow digital asset storing and digital asset-backed loan management for creditors. As a SaaS (Software-as-a-Service) solution, creditors can easily start a digital asset-backed lending business while Aave takes care of secure collateral storage, notifications, and liquidation upon margin calls.
- Aave Custody – currently available for use, is designed for institutional or private investors and serves as a custodian for storing digital assets. Aave stores private keys by following the highest and most innovative security standards. Funds can be moved in and out of custody on a daily basis.
- Aave Clearing – is an over-the-counter (OTC) cryptocurrency clearing service for institutional investors and businesses who need to convert large amounts of cryptocurrency with speed and efficiency. The platform provides users with an easy-to-use interface and an API connection, giving them the ability to generate quote requests for cryptocurrencies as well as exchange their cryptocurrency for traditional currencies.
- Aave Gaming – is an innovative game studio focused on creating a new gaming experience using Blockchain, Smart Contracts, and mixed reality.
“In the last decade, legacy industries have experienced a major change. Banking is no longer limited to traditional institutions. As a team of developers and creative thinkers, Aave is no stranger to these market forces. By integrating emerging technologies we will continue to offer secure and transparent applications, with reduced costs, to instill trust and confidence among our users, while delivering an experience they can enjoy.”