Support for Celo Stablecoins Announced by Opera on its Own Crypto Wallet

Cryptocurrency News

According to the latest reports from Opera, it has announced the integration of the Celo (CELO) network to its cryptocurrency wallet. The worldwide famous browser operator made the announcement about the integration of CELO on Friday, June 25, 2021.

In the official announcement, the firm provided more visibility into the matter. The firm revealed that it is not just the inclusion of the stablecoins they are after, they are currently after a broader target and integration. They are hoping to take the integration phase of the CELO network to an entirely new and broader level.

The firm has announced that with the integration of the CELO network at a wider scale, they will have more opportunities for their users. With the integration, greater flexibility in the payment sector will be introduced for millions of users. These users are spread all over the world so it would prove a wise and beneficial step for the company.

As always, the stablecoins of Celo are tied to the pegs of the respective fiat currency that are cEUR and cUSD. These pegs have the backing of several cryptocurrencies brought together like a basket. Some of the major cryptocurrencies in the basket include Ether (ETH) and Bitcoin (BTC). These major cryptocurrencies alongside altcoins are kept in the Celo Reserve.

The vice president and head of the crypto of mobile and business development at Opera, Cuautemoc Weber talked about the potential of having Celo onboard. Weber remarked that the mobile-first approach of Celo is what matches the goals of the company.

Weber stated that their aim is to bring cryptocurrency payment utility to millions of users who are used to smartphones. This is where Celo supports the same ideology and aim that Opera has in terms of the expansion of the cryptocurrency industry.

When it comes to decentralized finance (DeFi) being integrated and practiced through smartphones, Celo is the network that has very high importance in this space. Celo currently holds a convincing amount of stablecoins and also has a suite of sundry applications that belong in the payment sector.

Weber also revealed the primary motives and purpose behind choosing the Celo stablecoins over other digital stable currencies. He stated that the reason why they have chosen Celo stablecoins over other currencies is because of their approach and accessibility into deeper markets.

Celo stablecoins are known for facilitating a large portion of population-based in LATAM, Philippines, and Africa. These are the countries and regions where access to financial services and other payment facilities is very much limited.

The volatility in the particular regions can be very high as well as the remittance costs are extremely high as well. However, Celo network has the ability to make things very much easier and convenient for users with just a use of a smartphone.

Leave a Reply

Your email address will not be published.