- SEI partners with Xiaomi to bring decentralized finance to millions of global users.
- Xiaomi phones will pre-install the SEI wallet for easy access to stablecoin payments.
- The collaboration will drive blockchain adoption across regions with high crypto usage.
SEI Network is growing globally by entering a new collaboration with Xiaomi. Xiaomi will install the SEI wallet on its devices, which will give its users access to decentralized finance even when not in Mainland China.
Through this collaboration, SEI Network will be the default blockchain of new Xiaomi wallets. The idea is to provide more users with an easy experience of accessing on-chain finance, especially payments involving stablecoins, through the specialized finance application of SEI.
Xiaomi will be incorporated with SEI, and 168 million additional devices will be shipped in a year. This collaboration with Xiaomi is a turning point in the use of blockchain, according to Jeff Feng, Co-Founder of Sei Labs.
SEI’s High-Performance Infrastructure for Global Access
With the integration of network high-performance infrastructure into one of the largest smartphone-related ecosystems in the world, we are not only solving the onboarding challenge; we are simply changing the way billions of users will use their digital assets on a daily basis, Feng added.
The chain is following the footsteps of Solana and its custom phone, which combines device access with a dedicated blockchain, and the prior move made by Samsung to incorporate a native wallet. The SEI network functions as an isolated L1 network, disconnected from other ecosystems. It is currently standing at $89M in native and bridged stablecoins and about 215M of decentralized liquidity.
Also Read: Bitcoin Price Surge to 3 Week High: Fed Meeting & Rate Cut Impact on Volatile Crypto Market
The token price increased by 5.74% over the last day and is trading at $0.1461 at the time of reporting. Although cryptocurrency tried to make a comeback this year, its native token continues to trade at all-time lows, without any notable breakout. However, the price has rebounded recently, the open interest of the token has risen to $105.89 million.
Growing Blockchain Adoption with $81M in Inflows
During the last three months, the protocol received over $81 million in net inflows. The chain boasts a variety of bridging and liquidity providers, with L1s such as BNB Chain and L2s such as Polygon and Arbitrum. It also serves as an ecosystem of apps, albeit small but gradually growing, such as lending platforms and decentralized exchanges (DEX).
The platform will invest $5M in the Global Mobile Innovation Program to increase the role of blockchain in the real world by incorporating consumer devices. The SEI crypto wallet and discovery app will be installed in all Xiaomi phones as part of the initiative except in Mainland China and the USA.
The collaboration will facilitate stablecoin payments in the Xiaomi mobile ecosystem with more than 20,000 retail stores. The users will be able to use Google credentials or Xiaomi ID to log in. The application will include access to most decentralized applications and solutions, P2P transfers, and consumer-to-business payments.
The new app will be introduced by SEI and Xiaomi in the areas where cryptocurrencies are widely used, in Europe, Latin America, Southeast Asia, and Africa, where it could reach millions of users. In markets where Xiaomi has established a presence, the app could serve as the primary gateway to the crypto world.
Also Read: SEI Price Outlook: Is a Move Toward the $0.20 Target Possible This December?
