ETHLEND, the cryptocurrency-backed peer-to-peer lending platform, has announced the launch of a new parent company called Aave.
ETHLend said on Tuesday that the new venture intends to fill the gaps left by fintech firms such as PayPal, Skrill and Coinbase, by introducing new products and services, such as Aave Pocket, Aave Lending (SaaS), Aave Gaming, Aave Custody and Aave Clearing.
ETHLend will become a subsidiary of Aave and the executive roles will remain the same.
One of Aave’s new companies, Aave Lending, is a white label product that enables creditors to start their own digital asset-backed lending business. Aave will take care of secure collateral storage, notifications and liquidation upon margin calls.
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“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,” said Stani Kulechov, chief executive of Aave and ETHLend.
ETHLend announced a new partnership with Singapore’s DigixGlobal last month, enabling its P2P borrowers to post a gold-backed DGX token as collateral when seeking funds.
This is believed to be the first time that users can use real-world assets in the crypto space.
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