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Ledger, a prominent hardware crypto wallet platform, has integrated Celo, the blockchain for real-world financial apps and low-cost, rapid transfers. The integration of Celo into Ledger Wallet intends to permit consumers to receive, swap, and send Celo-based assets across diverse chains. As per Ledger’s official press release, the partnership enables user access to wider functionality within the ecosystem of Ledger Wallet. Hence, the development improves the experience of interacting with Celo’s network.
Ledger Wallet Enables Complete Backing for $CELO and Mento-Based Stablecoins
As a part of the integration with Celo, Ledger Wallet now backs $CELO apart from the local stablecoins of Mento Labs. Mento Stablecoins include $cREAL, $cGHS, $cCOP, $cEUR, and $cUSD, corresponding to Brazilian Real, Ghanaian Cedi, Colombian Peso, Euro, and US Dollar. The respective assets enable streamlined foreign exchange on-chain. Keeping this in view, users can leverage decreased arbitrage risks, rapid transfers, and reduced payment costs across globe with one-block finality, and sub-cent fees.
Apart from that, Ledger Wallet utilizes fee abstraction, permitting payments with ERC-20 tokens, increasing cost-efficiency and simplicity of cross-border transfers. While discussing this move, Celo Foundation’s President and co-founder, Rene Reinsberg, stressed the role of Ledger in accelerating cryptocurrency adoption with user-friendly and secure Web3 tools. As per Reinsberg, the mission of the platform is to enhance financial tools’ accessibility, specifically to underserved areas.
In the same vein, Jean-Francois Rochet, the EVP of Consumer Services at Ledger, mentioned that this integration strengthens individuals to securely conduct foreign exchange activities. Along with this, the Celo functionality of Ledger Wallet is anticipated to broaden further while the developer teams of both entities are deepening support. Scheduled updates take into account Ethereum Path Support, making Celo an Ethereum L2 scaling solution working within the ecosystem of Ledger.
Boosting Crypto Accessibility, Asset Management, and Wider Interoperability
According to Ledger Wallet, as a result of Celo integration, the consumers can expect relatively inclusive cross-chain tools, improved interoperability, and wider asset management. Additionally, the users can also benefit from step-by-step guidance via the Ledger Help Center, guaranteeing a seamless onboarding procedure. Overall, this integration underscores a key move in the provision of secure, low-cost, and fast blockchain transfers to mainstream crypto audiences around the world.
