Opera announces support for Celo stablecoins in its crypto wallet app
Web browser Opera, a privacy-oriented web browser, added Celo-based stablecoins to the list of supported assets in its wallet app.
Opera says the move will enable greater payment flexibility for millions of its users around the world and the inclusion of stablecoins is part of a broader integration with the Celo (CELO) network.
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, head of crypto and vice president of business development and mobile at Opera, stated that Celo’s “mobile-first approach” aligned with his company’s goals of bringing crypto payment to millions of smartphone users.
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.
Detailing the rationale behind selecting Celo stablecoins as the first digital stable currencies on the Opera crypto wallet, Weber explained:
“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.”
