SEI Network plans to boost its access with more global users after a partnership with Xiaomi. The phone producer will pre-install a SEI wallet with access to decentralized finance for users outside Mainland China.
SEI Network will become the default chain for new Xiaomi wallets after a partnership with one of the largest phone producers. SEI Network announced the partnership, which aims to give more users direct access to on-chain finance. SEI will focus on stablecoin payments through its specialized finance app.
SEI will become a part of Xiaomi’s expansion with 168M new devices each year.
‘This collaboration with Xiaomi represents a watershed moment for blockchain adoption,’ said Jeff Feng, Co-Founder of Sei Labs.
‘By embedding Sei’s high-performance infrastructure directly into one of the world’s most popular smartphone ecosystems, we’re not just solving the onboarding problem—we’re reimagining how billions of users will interact with digital assets in their daily lives,’ said Feng.
The chain joins Solana and its proprietary phone in combining device access with a specific blockchain, as well as the earlier Samsung decision to carry a native wallet.
SEI network aims to make a comeback
The SEI network is an L1 chain, independent of other ecosystems. The network carries $89M in native and bridged stablecoins, and around $215M in decentralized liquidity.
Following the announcement, SEI tokens appreciated to a seven-day high, up by around 2.2% for the day to $0.14. SEI attempted to make a comeback this year, but its native token trades near all-time lows, still awaiting a breakout. After the latest price recovery, SEI’s open interest increased to $59M.
SEI Network attracted more than $81M in netflows for the past three months. The chain has a relatively diverse source of bridging and liquidity, including both L1s like BNB Chain and L2s like Polygon and Arbitrum. The chain retains a small ecosystem of apps, including lending and DEX.
SEI launches Global Mobile Innovation Program
SEI will invest $5M in a Global Mobile Innovation Program to increase real-world blockchain adoption through consumer devices. As part of the program, the SEI crypto wallet and discovery app will be installed on all new Xiaomi phones outside of Mainland China, and excluding the USA.
The collaboration aims to enable stablecoin payments within the Xiaomi mobile ecosystem, including more than 20,000 retail stores.
Users will be able to log in using Google credentials or Xiaomi ID. The app will grant access to top decentralized applications and platforms, as well as support for P2P transfers and consumer-to-business payments.
SEI and Xiaomi will roll out the new app in regions with proven crypto adoption, focusing on Europe, Latin America, Southeast Asia, and Africa, potentially reaching millions of clients. The app may become the first access point for users into crypto, especially for countries where Xiaomi dominates the market.
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Source: https://www.cryptopolitan.com/sei-partners-with-xiaomi-for-inwallet-access/
