Aave Labs acquires Stable Finance to expand on-chain savings consumer services

ChainCatcher news, according to CoinDesk, Aave Labs, the company behind Aave, announced the acquisition of San Francisco-based startup Stable Finance, which focuses on simplifying on-chain savings services.

This acquisition will bring Stable Finance founder Mario Baxter Cabrera and his engineering team into Aave Labs, with Cabrera serving as the Product Director to assist in building consumer-facing DeFi products. Stable Finance is known for its mobile application that allows users to deposit USD or cryptocurrencies and earn interest through stablecoin yield strategies, providing users with a single on-chain savings interface that hides the technical complexities of DeFi.

Aave Labs founder Stani Kulechov stated that this acquisition strengthens the company's goal of "transforming on-chain finance into everyday finance." The technology from Stable will be integrated into future Aave Labs products, while its existing applications will be gradually phased out.