Opera announces support for Celo stablecoins in its crypto wallet app

According to a release issued on Friday, the inclusion of stablecoins is part of a broader integration with the Celo (CELO) network. Opera says the move will enable greater payment flexibility for millions of its users around the world.

Celo’s stablecoins are tied to their respective fiat currency pegs with both cUSD and cEUR reportedly backed by a basket of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), held in the Celo Reserve.

Commenting on the news, Cuautemoc Weber, head of crypto and vice president of business development and mobile at Opera, remarked that Celo’s “mobile-first approach” aligned with his company’s goals of bringing crypto payment to millions of smartphone users.

Indeed, Celo is touted as being a prominent player in the mobile-based decentralized finance (DeFi) arena with a suite of stablecoins and sundry payment applications.

Detailing the rationale behind selecting Celo stablecoins as the first digital stable currencies on the Opera crypto wallet, Weber explained:

“We chose to integrate cUSD and cEUR as our first stablecoins, as a large part of our user base lives in markets like Africa, the Philippines, and LATAM, where access to financial services—such as cash out options—is limited, fiat volatility can be challenging, and remittance costs are high. Celo makes this possible with just a mobile phone number.”

Related: Crypto on-ramp hits Opera browser following Simplex integration

Opera became the first major web browser to create a native crypto wallet, releasing the product on the Android mobile operating system back in December 2018 before expanding to iOS in March 2019.

The company has continued to expand the number of supported cryptocurrencies on its wallet app.

Apart from the stablecoin inclusion, Opera will also join Deutsche Telekom and over 140 other organizations as part of the Celo Alliance for Prosperity initiative that seeks to foster greater financial inclusion via blockchain technology adoption.

Web browser service Opera has announced the addition of Celo Dollar (cUSD) and Celo Euro (cEUR) stablecoins to its crypto wallet app.

Sourced from cointelegraph.com.

Written by Osato Avan-Nomayo on 2021-06-25 15:06:59.

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