Edge Wallet to integrate AAVE and offer new features

Last time we spoke to Edge the company was giving us great advice on security in web3 and while the company is still building in security there are other avenues and offerings being made clear to users.

Great to speak to you guys again, what has been going on with Edge lately?

In an exclusive beta release of Edge, we’ve created the most disruptive and powerful Defi interface for the everyday user. Edge now supports the ability for users to take out Bitcoin collateralized loans and deposit borrowed dollars directly into their bank account. This happens all in one step and utilizes the popular Defi protocol, Aave!

The integration of Aave loans in Edge marks our next step toward creating a decentralized economy that enables people to retain complete custody and control over their funds.

What is Aave?

Formerly known as ETHLend, Aave  is an open source lending and borrowing protocol built on a system of smart contracts — a piece of code designed to automatically execute an agreement when certain predetermined conditions are met. This way, users don’t have to trust a specific institution or individual for managing their funds.

What are the benefits for users of taking out a loan via Aave in Edge?

– Full self-custody

– Rates as low as 1.3%

– Repay on your own terms

– Use one app, in one sitting

– Sell stablecoins directly to your bank account in Edge

– Push notifications if collateral needs to be added to a user’s position

– Support for mainnet BTC

How does the integration work?

Taking out a loan today using the native Aave interface is intimidating and error prone. In total, it takes seven steps to do so, with long time delays in between each step, and the involvement of four separate applications. 

With Edge’s native Aave integration, a bitcoin backed loan can be taken out in as little as three taps, in one sitting, using one single app: Edge.

What is the difference between DeFi vs CeFi?

With centralized finance (CeFi), your money is held by banks and similar financial institutions. The financial system is full of third parties who facilitate money movement between parties. Banks are in control over the approval or disapproval of financial transactions.

Decentralized finance (DeFi) eliminates intermediaries by allowing people, merchants, and businesses to conduct financial transactions via peer-to-peer financial networks and smart contracts.

With an internet connection, anyone, regardless of who or where they are, can lend, trade, and borrow using software that records and verifies financial actions in distributed financial databases, disintermediating centralized financial institutions.

When will beta access become available?

We will be sending out an email with beta access instructions in early September. Sign up today at edge.app/crypto-loans. Only 100 spots available. 

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Hail to DeGod

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