Ledger Integrates DeFi Platform ParaSwap Into Ledger Live; Quickly Swap Ethereum Tokens in Wallet
Blockchain company Ledger has announced the integration of decentralized finance (DeFi) platform ParaSwap into its Ledger Live app.
Paraswap Becomes First Platform To Integrate On Ledger Live
ParaSwap is a decentralized exchange (DEX) aggregator that supports various DeFi protocols, including Uniswap, Sushiswap, Balancer, and Curve. It offers a simple and fast way to exchange Ethereum-native tokens peer-to-peer.
This integration, which happens to be the first on Ledger Live, would allow users to swap and trade Ethereum tokens at the best rate with ParaSwap directly through Ledger Live.
The Ledger-Live platform was launched in 2018 and allows users to trade, swap, and lend all on one secure platform. Currently, it has more than 1.5 million monthly users on the platform.
The Chief Executive Officer of Ledger Ian Rogers said the firm chose Paraswap over other platforms because of its easy-to-use interface. However, the firm hopes to integrate more DeFi platforms in the future.
ParaSwap has been in the news lately. First, ParaSwap raised $3 million in a seed funding round. It was led by Blockchain Capital, White Star Capital, and DeFi Alliance, with participation from Andre Cronje, founder of Yearn Finance, among others.
Last month, the firm witnessed a profit of $37 million in 24hrs on the Polygon trading platform, according to DappRadar.
Launched in September 2019, Paraswap says it has facilitated nearly $2 billion worth of trading volume since its launch.
Ledger Raises $380M In Funding Round
The funding was led by the digital assets fund, 10T Fund, and other notable investors such as Tekne Capital, Felix Capital, Uphold Ventures, Inherent, Financière Agache (Groupe Arnault), and iAngels Technologies.
Ledger is one of the world's most popular makers of hardware wallets. The firm said it secures about 15% of all cryptocurrencies globally, selling more than 3 million hardware wallets in 190 countries.
The company first rolled out its Ledger Nano A wallet, where users have to connect the device to a computer using a USB cable. More recently, it launched its Ledger Nano X where users can easily send and receive assets from their phones as the Nano X works over Bluetooth.
Ledger also has an enterprise arm for companies that want to add cryptocurrencies to their balance sheet called Ledger Enterprise Solutions.
The business unit, centered around enterprise adoption of Ledger's core custody technology platform (Ledger Vault), was launched earlier this year.