Ledger Brings DeFi Lending to its Users via Partnership with Alkemi

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Ledger Brings DeFi Lend­ing to its Users via Part­ner­ship with Alkemi
June 29, 2022
June 29, 2022

Kelly Cromley

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.”

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