Ledger hardware wallet implements direct lending through Compound integration

Hardware wallet provider, Ledger offers direct lending solution through its latest integration with DeFi protocol, Compound Finance.

By · Nov 17, 2020 . 5min read

Ledger hardware wallet direct lending news

Hardware wallet provider Ledger has implemented direct lending for its vast amount of users with a recent partnership with Compound Finance.

Ledger made this announcement on November 16th, adding another important feature to attract DeFi enthusiasts who may have been anticipating lending with their preferred hardware wallet provider.

With the lending feature now live on Ledger, wallet users can now easily connect their wallet to Compound to lend stablecoins such as USDC, USDT or DAI to earn interests as premium.

As Compound Finance protocol powers the new lending feature on Ledger, users will automatically receive cTokens as they lend assets. These cTokens are like the collateral ledger direct lender provides receivers for their lending risks.

Lending on Ledger is just one of the value-added services hardware wallet provider offers its users. Ledger also affords its hardware wallet users other options like Swapping and Staking supported cryptocurrencies. While swapping allows Ledger users to swap (exchange) one cryptocurrency like BTC for ETH without the need to connect to a cryptocurrency exchange, Staking enables wallet users to lock-in their holdings in exchange for a reward.

Ledger’s direct lending through Compound comes with benefits.

Ledger as a hardware wallet provider affords users tight security for their funds. As people opt-in to use hardware wallets, they usually have their assets locked away from intruders like hackers. However, this comes with an adverse effect. For this proactive security measure, users may not be able to take advantage of quick cryptocurrency price movements. The fact that people can now enjoy strong security while taking advantage of DeFi growth comes handy. Lending on Ledger comes without doubts as to an advantage to DeFi enthusiasts.

Compound, on the other hand, is one of the top DeFi projects out there with investment from Venture Capitalists. It popularized the yield farming mania and widely integrated across other DeFi protocols. The Ledger Compound integration represents another huge step for adoption the industry yearns for.

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