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Alkemi Earn has partnered with wallet creator Ledger to integrate the lending protocol into Ledger Live’s Discover section, CQ has learned. Alkemi now becomes the first DeFi borrowing platform directly available to Ledger users.
According to the release shared with CQ, the integration will enable Ledger Live users to yield their assets via Alkemi while providing the safety of the hardware wallet protection model.
Talking about the liquidity network’s collaboration with Ledger, Alkemi co-founder Brian Mahoney said, “this is what bridging CeFi and DeFi is all about.”
With this native integration into Ledger Live, Alkemi Earn unlocks a protocol-powered cash management experience for Ledger’s community.
“We’re excited to integrate the first Yield app into Ledger Live,” said JF Rochet, Ledger’s Vice President of International Development. “With Alkemi, Ledger users will have more ways to grow their assets while enjoying all the benefits of crypto without centralized custodians.”
For the uninitiated, Ledger is said to be the largest hardware wallet manufacturer in the space, with over 5 million wallet devices sold globally. Its companion app, Ledger Live, allows users to trade cryptocurrencies and use dapps directly from the interface.
Meanwhile, lending platform Alkemi Earn is the flagship protocol of the Alkemi network, an institution-grade liquidity network for financial institutions and individuals to access dedicated DeFi.
Alkemi Earn expedites borrowing and lending within a compliant environment through a permission liquidity pool of digital assets, including Ethereum (ETH), Wrapped Bitcoin (wBTC), and stablecoins.
The platform offers a bank-grade verified pool and permissionless open pool to allow institutions to launch capital to DeFi in a trusted environment. Since its launch, Alkemi Earn has received more than $50 million in gross deposits. The Alkemi team believes that this number will go up following its partnership with Ledger.