Aave Labs, the developer behind the decentralized cryptocurrency lending platform Aave (AAVE), announced on Monday its intentions to launch a new app on Apple’s App Store.

Aave Labs Introduces Savings-Style App

According to a report from Fortune, this new product is designed to function similarly to a traditional savings account, but with higher yields than those offered by traditional finance banks.

Users can earn a minimum interest rate of 5% on their deposits, which can be funded through bank accounts or debit cards. The app will utilize stablecoins alongside the Aave protocol to offer these financial services.

Aave has established itself as a key player in the decentralized finance (DeFi) and crypto lending sectors, boasting over $3.23 trillion in cumulative deposits, nearly

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