Aave, a leading decentralized lending protocol, is developing a mobile wallet, the company said on Jan. 1.
Founder Stani Kulechov said Aave holds an electronic money license in the U.K. to support the wallet. Aave Ltd was licensed by the Financial Conduct Authority as an Authorized Electronic Money Institution in July 2020, allowing it to “issue electronic money” and “provide payment services.”
The news was received favorably on Twitter, attracting more than 3,700 likes so far.
Twitter user “motherlode.eth” asked Kulechov whether he was referring to a grant proposal to support the development of an Aave mobile app that was submitted to the protocol’s governance forum in August. Kulechov responded: “No, while this proposal is amazing – Aave is building something mindblowing.”
The news comes amid coming expansions for Aave. The protocol is gearing up to launch its whitelisted institutional platform dubbed Aave Arc. On Dec. 30, the Aave community also began discussing whether to deploy its forthcoming v3 iteration on StarkNet’s L2 ZK-Rollup.
In a November governance post, Aave described v3 and said the deployment will introduce cross-chain transfers, improved capital efficiency, and L2-specific features.
Aave currently ranks as the fourth-largest DeFi protocol by total value locked (TVL) cross-chain, boasting a $14.3B TVL across deployments on Ethereum, Polygon, and Avalanche according to DeFi Llama.