Hardware Wallet Startup Ledger Adds DeFi Support to Mobile App
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Hardware Wallet Startup Ledger Adds DeFi Support to Mobile App

February 9, 2021      Jafrin Ahmed

Owners of Ledger cryptocurrency hardware wallet will soon be able to access DeFi protocols through Ledger’s mobile app. Users of Ledger will be able to access decentralized apps (dApps) through an integration with open-source protocol WalletConnect. Until now the access to dApps platforms were only available to desktop users. The feature isn’t currently live yet and will be implemented some time later this week.

Ledger Owners Can Access DeFi through Ledger Live Mobile App

According to Ledger, owners of the hardware wallet can use the wallet’s app to interact with a variety of dApps including a host of exchanges, tools, and decentralized finance (DeFi) protocols. The feature was previously reserved to only desktop users.

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Users of Ledgers will be able to access the DeFi space by scanning QR codes provided within dApps. Subsequent transactions can then be securely signed on their device within the Ledger Live mobile app. Among the host of Decentralized finance (DeFi) apps and platforms, DEX such as Uniswap and 1inch, marketplaces such as OpenSea and Rarible and portfolio managers such as Totle and Zapper are to be supported. DeFi lending protocols such as Aave and Compound are also supported. 

Ledger Intends to Remove Risky Browser Extensions

Users of Ledger wallets were still able to access decentralized finance apps through intermediary services like MetaMask and MyEtherWallet.

To reduce the reliance on external gateways and browser-based Ethereum wallets, Ledger decided to integrate WalletConnect, an open-source protocol that connects cryptocurrency wallets to DeFi apps. Ledger indicated that zero barriers and no risky browser extensions were the reason for the inclusion of support.

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Over the past months, Ledger came under intense criticism for failing to protect a large scale hack of its customer’s databases. Between March and July last year, a hacker group hacked into Ledger’s customer databases.  The attacker then sold the data on the dark web containing personal information of 272,000 customers that includes their names, email, physical addresses and contact information.

#DApps #DeFi Support #Ledger #Ledger App #Ledger Live #WalletConnect
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.