Alkemi Earn integration brings DeFi lending to 1.5M Ledger users

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The Alkemi Earn program has been added to Ledger’s Discover area device wallet, making decentralized financial (DeFi) lending and borrowing accessible to Ledger’s 1.5 million active customers.

According to a Tuesday announcement, Ledger Live users can now earn a return on their assets with the integration of Alkemi Earn. The goal of the Ledger project is to provide consumers with a method to purchase and use digital assets without transferring them to third-party platforms or systems.

“With Alkemi, Ledger users will have more ways to grow their assets 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 protocol WalletConnect, allowing users to access decentralized applications (DApps), such as Uniswap, 1inch and Curve.

Alkemi Earn is a loan protocol that enables institutions and retail borrowers to coexist side by side. Alkemi allows institutions to put money into DeFi in a secure counterparty by providing both a Bank-Grade Verified pool and an unauthorized Open pool. Since launch, the platform has amassed more than $ 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 stressed that this process is safer than the products and solutions of other competitors for unprotected yield farming, stating that:

“Not your keys, not your coins,” as the proverb says. With this native integration into Ledger Live, Alkemi Earn unlocks experience with a money management protocol powered by the Ledger community. This is about bridging CeFi to DeFi. “

Alkemi Earn’s product and service ecosystem includes Ether (ETH), Dai (DAI), USD Coin (USDC) and wBTC as supported chain assets. Users can also earn ALK tokens by borrowing and borrowing.

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Staking is the process of delegating a crypto to a staking validator to help secure a blockchain. It derives its name from the word “interest,” which refers to earning crypto profits and related passive income through a proof-of-agreement consent mechanism, as opposed to the mining-based proof-of-work of the Bitcoin (BTC) network.