TechFlow, on October 23, according to CoinDesk, Aave Labs, the company behind Aave, announced the acquisition of Stable Finance, a San Francisco-based startup focused on simplifying on-chain savings services.
The acquisition brings Stable Finance founder Mario Baxter Cabrera and his engineering team into Aave Labs. Cabrera will serve as Director of Product, helping to build consumer-facing DeFi products. Stable Finance is known for its mobile app that allows users to deposit U.S. dollars or cryptocurrencies to earn interest through stablecoin yield strategies, providing a single on-chain savings interface that hides the technical complexity of DeFi.
Stani Kulechov, founder of Aave Labs, said the acquisition strengthens the company's goal of turning "on-chain finance into everyday finance." Stable's technology will be integrated into future Aave Labs products, while its existing app will be phased out.
