Internet browser Opera (NASDAQ: OPRA), and Celo, an open-source blockchain or DLT ecosystem that aims to make decentralized financial (DeFi) solutions and tools more accessible to smartphone users, have confirmed that Opera will be adding Celo Native Asset (CELO), Celo Dollar (cUSD), and Celo Euro (cEUR) stablecoins to its digital currency wallet.
This latest integration should allow Opera users to make online purchases, send peer-to-peer (P2P) remittance payments, trade, or cash in and cash out in Celo’s native asset or cUSD stablecoin from Opera’s cryptocurrency wallet.
Opera has also decided to become a member of the Celo Alliance for Prosperity, which is described as a mission-aligned network of more than 150 organizations supporting social impact and financial inclusion by leveraging distributed ledger tech (DLT).
cUSD and cEUR are stable crypto-assets that track the USD and Euro, respectively. With cUSD and cEUR, clients are able to transfer value and participate in global financial activities a lot faster, cheaper, and more easily via their mobile phones.
Stablecoins are able to mitigate a lot of the risks of trading volatile cryptocurrencies like Bitcoin or Ethereum. They help with ensuring that a transfer’s value tracks a fiat value when sent out and delivered to the recipient. The Celo Dollar and Celo Euro are currently being supported by several different crypto-assets in the Celo Reserve (such as Bitcoin and Ethereum).
Cuautemoc Weber, Head of Crypto and VP Business Development and Mobile at Opera, stated:
“Celo is putting financial apps and services into the pockets of millions of people, for whom their phone is the most important device that they use. This mobile-first approach directly aligns with the needs of our hundreds of millions of mobile users. 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.”
As noted in the announcement, this latest move is a step further in Opera’s business strategy to address the challenges involved with using DLT-based platforms. In December 2018, the Norway-based firm launched the first ever blockchain-powered Internet browser, Opera for Android, with a built-in virtual currency wallet and dApp (decentralized applications) explorer.
Opera then proceeded to add a built-in digital asset wallet to the desktop version of its web browser and to its iOS browser as well.
Rene Reinsberg, Co-founder of Celo, remarked:
“As the first major browser to integrate a crypto wallet, Opera is pioneering a familiar tool – a mobile browser – to put usable crypto directly in the hands of real people. Opera’s focus on key growth markets, in particular the US and EU, Africa, Southeast Asia and LATAM, will enable these mobile-savvy communities to interact with Celo assets and the Celo ecosystem with ease. Millions of people will now have access to new savings, P2P payments, and cash in, cash out services, in addition to major stablecoins.”
Support for CELO and cUSD is currently being offered via the Opera wallet through Ramp. Clients are able to buy and interact with these digital assets in somewhat the same manner that they can with other assets in the Opera wallet, such as BTC and ETH. Support for cEUR should become available in the future.
At present, Celo is being supported in the Opera web browser on Android. You may download the Opera browser via the Google Play store.