Opera, the multi-platform web browser, has added Celo-based stablecoins to the list of supported assets in its wallet app, as the move will enable greater payment flexibility for millions of its users around the world.
It has been reported that 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.
Cuautemoc Weber, the 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.
However, 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.
“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.”
The report said that 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.
Thus, 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.