Crypto hardware wallet firm Ledger today announced that its users will soon be able to interact with DeFi protocols straight from its mobile app, LedgerLive.
To reduce reliance on wallets such as browser-based Ethereum wallet MetaMask and Ethereum gateway MyEtherWallet, the Parisian hardware wallet company has integrated WalletConnect, an open-source protocol that connects crypto wallets to decentralized applications.
This means that Ledger’s customers will be able to access WalletConnect’s open-source protocol directly from the company’s mobile app, allowing them to interact with DeFi protocols straight from cold storage.
Customers can soon use the wallet’s app to “securely interact with the massive variety of dApps that were previously reserved for desktop users, including a host of exchanges, tools, and decentralized finance (DeFi) protocols,” Ledger wrote in a statement. The feature isn't yet live, however, but will be implemented some time later this week, according to a Ledger spokesperson.
Decentralized exchanges such as Uniswap and 1inch, marketplaces such as OpenSea and Rarible and portfolio managers such as Totle and Zapper are among dApps supported. Decentralized lending protocols like Aave and Compound are also supported.
The benefit of using WalletConnect over a service like MyEtherWallet or Metamask is unclear. Ledger’s contention is that customers would not have to access MetaMask or MyEtherWallet within web browsers and could do everything within its app. “Zero barriers and no risky browser extensions,” it said in a press release.
However, Ledger spent much of last month apologizing for a hack on its customer databases. Between March and July last year, a hacker (or a group of them) socially engineered their way into Ledger’s customer databases.
The hacker sold the data, which has since been published online. That exposed the personal information of some 272,000 customers, including names, addresses and contact information.
Editor's note: This story was updated after publication to clarify that the DeFi feature integration isn't yet available.