The Alkemi Earn app has been added to the Discover section of Ledger’s hardware wallet, making the decentralized finance (DeFi) lending and lending service accessible to Ledger’s 1.5 million active customers.
Ledger Live users can now earn income from their assets with the Alkemi Earn integration, according to an announcement on Tuesday. The goal of the Ledger project is to provide consumers with a method to purchase and use digital assets without abandoning them to third-party platforms or systems.
“With Alkemi, Ledger users have more opportunities to grow their wealth while enjoying all the benefits of crypto without centralized custodians,” said JF Rochet, Ledger’s vice president of international development.
In February 2021, Ledger launched DeFi efforts with the open-source WalletConnect protocol, which allows users to access decentralized applications (DApps) such as Uniswap, 1inch, and Curve.
Alkemi Earn is a lending protocol that allows institutions and private borrowers to coexist. Alkemi enables institutions to invest money in DeFi in a secure counterparty environment by providing both a bank-grade verified pool and a permission-free open pool. Since launch, the platform has amassed over $50 million in gross deposits. The integration with Ledger Live is likely to attract even more users to the protocol.
Alkemi Network co-founder Brandon Mahoney emphasized that this process is more secure than other competitors’ products and solutions for no-custody yield farming, stating:
“‘Not your keys, not your coins,’ as the saying goes. With this native integration with Ledger Live, Alkemi Earn brings a log-driven cash management experience to the Ledger community. This is what bridging from CeFi to DeFi is all about.”
Alkemi Earn’s ecosystem of products and services includes Ether (ETH), Dai (DAI), USD Coin (USDC) and wBTC as supported on-chain assets. Users can also earn ALK tokens through borrowing and borrowing.
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Staking is the process of delegating crypto to a staking validator to secure a blockchain. The name derives from the word “stake,” which refers to generating crypto profits and associated passive income through a proof-of-stake consensus mechanism, as opposed to Bitcoin’s (BTC) mining-based proof-of-work -Network.
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