Major tech giant Opera is upgrading the cryptocurrency wallet for its mobile browser Opera Mini by integrating Tether’s USDT and Circle’s USDC, two of the largest stablecoins on the market.
MiniPay, the stablecoin-based self-custodial wallet built into Opera Mini, launches Pocket, a new feature that enables one-click swaps between Celo Dollar (cUSD) and newly integrated stablecoins.
According to an announcement on May 3, Pockets will allow MiniPay users to easily switch between USD Coin (USDC), Tether (USDT), and cUSD using drag-and-drop gestures “with less than a cent in fees and no hidden costs.”
“This feature abstracts asset exchange from Web3, allowing users to easily swap between three stablecoins by simply dragging coins between virtual pockets, without having to worry about gas fees,” Jorgen Arnesen, Opera’s vice president of mobile, told Cointelegraph.
Most wallet consumers are concerned about high transaction fees.
Launched in September 2023, MiniPay is built on the Celo blockchain and uses Mento’s stablecoin cUSD, which is pegged to the value of the US dollar. The wallet extension was originally launched in Africa to enable local countries to send and receive stablecoins using mobile numbers.
“Given the lack of fixed internet access and high internet costs, we recognized the significant potential for blockchain-based P2P solutions on the continent,” Arnesen added.
“Our research found that most consumers expressed concerns about high fees, unreliable service uptime, and lack of transparency around transaction processing related to local payment options. High mobile data costs remain a pervasive issue.”
In addition to the new Pockets feature, MiniPay has also launched a Discover Page for decentralized applications (DApps) integrated into the wallet. This page is designed to host multiple native DApps, giving users direct access to tools such as the Universal Basic Income protocol, savings applications, and games.
MiniPay Sees Significant Growth in Africa
Since its launch in 2023, MiniPay has become one of the fastest growing digital wallets on the continent, with over 3 million active wallets in Nigeria, Ghana, Kenya and South Africa.
Arnesen, Opera Mobile’s executive, said Africa has long been a mobile-centric continent, with a young population and widespread smartphone adoption.
“Opera Mini is currently the most downloaded mobile browser in Africa, with close to 100 million users,” he said.
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Africa is quickly emerging as a continent with significant interest in cryptocurrencies. With one of the youngest and fastest-growing populations in the world, Africa has enormous potential for digital asset adoption.
According to BitcoinAfrica.io, the African countries that will adopt Bitcoin in 2023 are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana.
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