The Celo Foundation was founded in 2017 to support the growth and development of the decentralized, open source, mobile-first Celo platform to help build a carbon-negative financial system that creates the conditions of prosperity for all. The Foundation is guided by the Celo community tenets and contributes to education, technical research, environmental health, community engagement, and ecosystem outreach—activities that support and encourage an inclusive financial system.
Celo makes sending payments as easy as sending a text, to anyone with an internet connection, anywhere in the world. Celo maps phone numbers to wallet addresses using a novel decentralized address-based identity layer. Mobile participants can earn rewards for securing and maintaining the system.
CELO is the platform-native asset that supports the growth and development of the Celo blockchain and ecosystem. CELO holders can earn rewards, stake with validators, and vote on proposals that shape the future of Celo.
Named for the currencies they follow, Celo Dollars (cUSD), Celo Euros (cEUR) and Celo Reals (cREAL) are Mento stablecoins that allow you to share value faster, cheaper, and more easily on your mobile phone. Mento stablecoins instantly unlock access for everyday uses like low-cost remittances and cross-border payments, global distribution of charitable aid, effortlessly paying online, or transferring value within exchanges, particularly in markets subject to currency volatility.
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While mobile money services have contributed to a significant increase in financial inclusion, they remain costly - more than 10% transaction fees in many cases—and fragmented, making cross-border transactions often challenging if not impossible. That is the key focus of Celo. They are going to build service with much less commissions and with greater opportunities for unbanked people. But, regulation is not ready for this project.
The value of new stable cryptocurrency is unclear.
The combination of Celo’s address-based encryption system and its stable-value tokens will enable a rich ecosystem of applications.
Celo has great seed investors. The initial funding round was $6.5M. Top-tier investment funds have took part in that stage: Andreessen Horowitz, General Catalyst, Polychain Capital, Coinbase, Social Capital, and Lakestar, among others. Also, a number of high-profile angel investors are also backing Celo, including LinkedIn cofounder Reid Hoffman, Twitter and Square cofounder and CEO Jack Dorsey, Venmo cofounder Andrew Kortina, and former Citigroup chairman Dick Parsons. That proves the world-class level of the project. The project is not going to conduct ICO. As a result, no token metrics is available. Moreover, tokens could be mined by simple phone connection and also it could be distributed through social subsidies. As a result, it is almost impossible to acquire tokens for investments purposes.
Celo has an extremely strong team of experienced engineers, entrepreneurs, designers, legal and policy experts, thinkers and researchers. Also, the project is supported by a great group of backers and advisors, including many C-level operators, investors, academics, and other experts across a wide range of fields, including finance, legal & regulatory, international payments, security, and cryptography.
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