Aave Launches Consumer Crypto Yield App on Apple’s App Store
Aave is set to roll out a consumer crypto yield app that functions similarly to a savings account, initially launching on Apple’s App Store with a waitlist. The app aims to offer yields above 5% annualized, potentially reaching up to 6.5%, as stated in the company's blog post. Deposits can be made using bank accounts, debit cards, or stablecoins and are protected with balance protection up to $1 million.
This release reflects a broader decentralized finance (DeFi) trend whereby crypto protocols are offering neobank-like products, leveraging Aave’s existing infrastructure lending protocol. Aave recently acquired Stable Finance to develop this consumer savings platform, which reportedly manages about $70 billion in deposits and serves 2.5 million users.
Other projects have also introduced similar financial services, such as ETHFI's cash card and Mantle's neobank UR, which offers Swiss bank accounts. Retail crypto yield platforms had previously flourished during early crypto bull cycles but suffered setbacks following the 2022 collapses of Celsius and BlockFi, events that contributed to a sustained crypto winter.
The launch of this app represents the ongoing expansion of DeFi into consumer financial services.
