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

PANews reported on October 23rd that according to CoinDesk, Aave Labs, the company behind the DeFi project Aave, said it has acquired Stable Finance. This is a San Francisco-based startup dedicated to simplifying on-chain savings operations for everyday users. The terms of the transaction were not disclosed. The move recruited Stable's founder Mario Baxter Cabrera and his engineering team to Aave Labs, where they will assist in developing new consumer-oriented DeFi products. Cabrera will join as product director. Aave Labs founder Stani Kulechov said the acquisition reinforces the company's goal of "integrating on-chain finance into everyday finance." Stable's technology will be integrated into future Aave Labs products, and its existing applications will be gradually phased out. This acquisition is Aave's third talent-focused transaction, following the acquisition of Sonar in 2022 and Family in 2023, and aims to continuously expand its product design capabilities.