Opera announces support for Celo stablecoin in its crypto wallet app

According to a freed Released on Friday, the inclusion of stablecoins is part of a broader integration with the Celo (CELO) network. Opera said that this move will provide greater payment flexibility for its millions of users worldwide.

Celo’s stablecoins are linked to their respective fiat currencies. According to reports, both cUSD and cEUR are backed by a basket of cryptocurrencies held in the Celo reserve, including Bitcoin (BTC) and Ethereum (ETH).

Commenting on the news, Cuautemoc Weber, Opera’s head of encryption and vice president of business development and mobile, said that Celo’s “mobile-first approach” is consistent with the company’s goal of providing encrypted payments for millions of smartphone users.

In fact, Celo is touted as an outstanding participant in the field of mobile-based decentralized finance (DeFi), with a set of stablecoins and various payment applications.

Weber detailed the reasons for choosing Celo stablecoin as the first digital stablecoin on Opera’s encrypted wallet:

“We chose cUSD and cEUR as our first stablecoins because most of our user base lives in markets such as Africa, the Philippines, and Latin America, where access to financial services (such as cash options) is limited. The high fiat currency fluctuations can be challenging, and the cost of sending money is high. Celo only needs a mobile phone number to do this.”

related: After the Simplex integration, the encrypted entry enters the Opera browser

Opera becomes the first major web browser Create a local encrypted wallet, Released the product on the Android mobile operating system as early as December 2018 Expanded to iOS in March 2019.

The company has been going on Expand the number of supported cryptocurrencies On its wallet app.

In addition to including stablecoins, Opera will also join Deutsche Telekom And more than 140 other organizations as part of the Celo Prosperity Alliance program, which aims to promote greater financial inclusion through the use of blockchain technology.

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