Alkemi and Ledger join forces to bring DeFi lending to over 1.5 million Ledger Live users
In just a span of four years, the decentralized finance (DeFi) space has grown into one of the leading ecosystems in the digital currency space as millions of users engage in lending and borrowing without having to go through a centralized intermediary like banks and financial institutions.
However, as the adoption accelerates, the ongoing transition to DeFi will simultaneously be institutionalized and decentralized. One startup that’s leading this transition is Alkemi, a Toronto-based startup that is bridging CeFi to DeFi, building an institution-grade liquidity network for financial institutions and individuals to access professional DeFi and earn yields on their Ethereum-based digital assets.
Just a year after launching out of stealth as the world’s first decentralized liquidity network to offer institutional DeFi, Alkemi announced today it has partnered with Ledger to bring DeFi lending to more than 1.5 million Ledger Live users.
Used by millions of users around the world, Ledger is the largest hardware wallet manufacturer with over 5 million devices sold around the world, used to store cryptocurrencies safely and reliably. Its companion app Ledger Live, available on Desktop and Mobile, offers a safe interface to use Ledger hardware wallets without undue risk of having their assets stolen over unsafe connections. Ledger Live enables users to buy and sell cryptocurrencies and use DeFi dApps directly from their interface.
The Alkemi Earn integration will enable Ledger Live users to earn yields on their assets through DeFi lending and borrowing for the first time. By simply going into the Discover section and selecting Alkemi, the assets will be put to work while remaining in the safety of the hardware wallet protection model.
Alkemi Earn is a lending protocol designed for institutions and retail borrowers and lenders to co-exist side-by-side. Offering both a Bank-Grade Verified pool, and a permissionless Open pool, Alkemi enables institutions to deploy capital to DeFi in a trusted counterparty environment. To date, the platform has cumulatively received in $50m+ in gross deposits since launching, with the integration to Ledger Live set to bolster this even further.
Alkemi Earn supports some of the most liquid on chain asset markets in DeFi including ETH, Dai, USDC and wBTC. Users also earn ALK tokens while borrowing and lending on Alkemi Earn.
“‘Not your keys, not your coins,’ as the saying goes. With this native integration into Ledger Live, Alkemi Earn unlocks a protocol powered cash management experience for Ledger’s community. This is what bridging CeFi to DeFi is all about,” said Brian Mahoney, Co-founder of Alkemi Network.
“Ledger Live is your gateway to digital assets and Web3, and we’re excited to integrate the first Yield app into Ledger Live. 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, VP of International Development at Ledger.
Founded in 2014, Ledger is the global platform for digital assets and Web3. Over 15% of the world’s crypto assets are secured through Ledger Nanos. Headquartered in Paris and Vierzon, with offices in London, New York, and Singapore, Ledger has a team of more than 500 professionals developing a variety of products and services to enable individuals and companies to securely buy, store, swap, grow and manage crypto assets – including the Ledger hardware wallets line with more than 5 million units already sold in 180 countries.