Hardware wallet maker Ledger has brought yield earning capability to its users for the first time through an integration with Alkemi Earn.
- Ledger Live has integrated with Alkemi Earn, a lending-borrowing protocol that utilizes a permissioned liquidity pool of digital assets comprising ether (ETH), wrapped bitcoin (wBTC) and stablecoins.
- Users can now put their cryptocurrencies to work on Alkemi's protocol without them leaving the safety of their Ledger wallet.
- Ledger aims to provide users a way of purchasing and using digital assets without giving them up to exchanges or other protocols. "With Alkemi, Ledger users will have more ways to grow their assets while enjoying all the benefits of crypto without centralized custodians," JF Rochet, vice president of international development for Ledger, said in a statement on Tuesday.
- The wallet provider made moves into providing its users access to decentralized finance (DeFi) in February last year when it let them connect to decentralized apps (dapps), such as Uniswap, 1inch and Curve, via an integration with open-source protocol WalletConnect.
- The integration with Alkemi, however, will provide Ledger users the ability to earn yield for the first time. "A decentralized exchange (DEX) for swapping tokens or other DeFi functions has existed [previously], but none that provide a yield or return on investment," a spokesperson for Alkemi told CoinDesk.
CORRECTION (June 28, 14:38 UTC): Corrects company affiliation of spokesperson in last bullet point.
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