Ledger Brings DeFi Lending to its Users via Partnership with Alkemi June 29, 2022 June 29, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 29, 2022 by Kelly Cromley

Ledger Brings DeFi Lending to its Users via Partnership with Alkemi

As a result of its integration into the Discover area of Ledger Live, Alkemi Earn will become the first app of its kind to provide direct lending and borrowing capabilities accessible to Ledger users. Ledger is the biggest maker of hardware wallets, having sold over 5 million units all over the globe. These devices are intended to store cryptocurrency in a secure and dependable manner.

Its accompanying program, known as Ledger Live, which is accessible on desktop computers as well as mobile devices, provides users with a secure interface via which they may utilize Ledger hardware wallets without excessive concern that their assets would be taken through unsecured connections. Users are able to purchase and sell cryptocurrencies as well as utilize decentralized applications (dApps) straight from the Ledger Live interface.

Users of Ledger Live now have the opportunity, for the first time, to earn yield on their assets via DeFi lending and borrowing thanks to the integration of Alkemi Earn. The funds will be put to use while continuing to be protected by the hardware wallet security scheme. All you have to do is go to the Discover area of the app and choose Alkemi from the drop-down menu there.

The lending protocol known as Alkemi Earn allows institutional borrowers and lenders, in addition to retail borrowers and lenders, to co-exist side by side. Alkemi allows financial institutions to deploy capital to distributed finance in a trusted counterparty environment by providing both a Bank-Grade Verified pool and a permissionless Open pool for its customers. Since its inception, the platform has racked up over $50 million in total gross deposits, and it is anticipated that the addition of support for Ledger Live would only serve to enhance these numbers even more.

A number of the most liquid on-chain asset markets in DeFi are supported by Alkemi Earn. These markets include ETH, Dai, USDC, and wBTC. When users borrow and lend on Alkemi Earn, they are also given the opportunity to earn ALK tokens.

Brian Mahoney, Co-founder of Alkemi Network, said “It is said that if you lose your keys, you will also lose your coins. Alkemi Earn is able to provide the community of Ledger with a protocol-driven cash management experience now that it has been natively integrated into Ledger Live. This is the crux of the matter when it comes to connecting CeFi and DeFi.”

JF Rochet, VP of International Development at Ledger, said “We are thrilled to announce that the first Yield application will soon be integrated into Ledger Live, which serves as your portal to Web3 and digital assets. Because Alkemi eliminates the need for centralized custodians, users of Ledger will be able to increase the value of their holdings while still reaping the advantages of cryptocurrency.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.