Will financial inclusion come through cryptocurrencies? At least that’s what Celo believes. To do this, the blockchain platform makes crypto money exchanges accessible directly via smartphones. Given the attention paid to the project, including its DeFi for the People initiative , as well as its CELO crypto, we could be in for a little revolution!
Is Celo the game-changer of the financial system we were waiting for?
The inclusive financial ecosystem of the Celo blockchain
According to the World Bank Group’s latest report on financial inclusion, The Global Findex Database, 69% of adults worldwide have a bank account. That’s 1.7 billion unbanked adults. Two-thirds of these disenfranchised people own a cell phone. Precisely, the Celo project defines itself as “the first platform that makes financial Dapps and crypto payments accessible to anyone with a cell phone”. Its slogan is also revealing : Crypto made for mobile . In order to create an alternative financial system that promotes inclusion, a non-profit association was created under the leadership of cLabs: The Celo Foundation. The latter is piloting the project from the United States.
Why did you choose the name Celo? This word means goal/objective in Esperanto.
Celo is not only for people who do not have access to a bank account or for those who want to break free from the traditional banking system. Celo also caters to governments and central banks that are interested in the opportunities cryptocurrencies open up for them.
The advantages of the Celo crypto platform
- Unfalsifiable and transparent (making fraud attempts difficult)
- Interoperability between several blockchains
- Reduced transaction costs (average cost less than $0.01)
- Receive and send speed, even with low-speed Internet connections
- Use of smart-contracts
The Celo blockchain differs from the Ethereum blockchain, although it is compatible with the EVM (Ethereum Virtual Machine). It is an open-source project. In order to accelerate its development, cLabs has just recruited specialists from large groups, such as Danielle Andrzejewski from a16z and Alberto Martin from Google.
Celo and DeFi for the People
The initiative DeFi for the People led by Celo is a program that aims to “make DeFi accessible to 6 million people with a cell phone”. That’s all! To reward the creators of innovative DeFi solutions, there is a $100 million package.
Celo’s cUSD and cEUR stablecoins
If you’ve ever paid for your beer in Bitcoin, you know how much it will cost in BTC from day to day. For the general public, there is nothing like a stablecoin, which is not affected by market fluctuations! Within the Celo ecosystem, there are two cryptocurrencies: the CELO token, which is used for governance and transaction fee issues, among other things, and the cUSD (Celo Dollar) token, which is a stablecoin pegged to the U.S. dollar (USD). A new stablecoin has recently been developed: the cEUR (Celo Euro).
The Celo wallet
There are multiple wallet that allow to interact with the Celo ecosystem, like Metamask, Celo Terminal or Valora. We will focus on the Celo wallet, which already has 1 million addresses across 113 countries. The advantage of the Celo wallet is that its use is simple and intuitive, through an interface designed to be adopted without difficulty by most people. No more endless addresses found in most cryptocurrencies! With the Celo wallet, you can see directly the name of the contacts to whom you send cryptos, which makes the process much clearer and user-friendly. On the staking side, you can stake your CELO tokens to be rewarded in cUSD. Note: loans are also possible via the Celo wallet.
Make money in cryptocurrency with PoolTogether and Celo
PoolTogether is one of Celo’s partners, along with Curve, Sushi, Aave and Chainlink. Remember, we told you about this DApp not long ago in an article called “PoolTogether, the lottery where you never lose!“PoolTogether runs on the Celo blockchain with 2 pools in cUSD and cEUR for just over $20,000 in cashprize.
How can I participate in PoolTogether via Celo to win prizes?
- Configure your MetaMask wallet.
- Buy CELO cryptocurrency from the exchange platform of your choice(Binance, Coinbase, KuCoin, Bittrex…) and deposit it on your MetaMask or Valora wallet.
- Turn part of your CELO tokens into cUSD or cEUR depending on what you want to deposit on PoolTogether. Remember to keep some crypto CELO in order to pay the transaction fees! (extremely low)
- Go to the PoolTogether DApp and connect your MetaMask wallet.
- Deposit cUSD or cEUR and validate the transaction on MetaMask.
Now you have a chance to be drawn to win a prize! If not, don’t panic: you keep your original bet. Currently, PoolTogether’s weekly prize pools via Celo are around $10,000.
Is CELO a promising cryptocurrency?
CELO has been on such an upswing that it is among the most promising 2021 cryptos. Initially launched at €2.30 in 2018, it reached €9.11 on August 30. Currently, the return on investment for CELO is 664%. A great performance for a crypto that is just over a year old! In fact, it has managed to climb to 58th place in the Market Cap ranking.
- Celo is a blockchain whose goal is to offer anyone with a smartphone the ability to send and receive money in cryptocurrency.
- The crypto CELO is experiencing a significant popularity.
- It is possible to participate in the PoolTogether lottery via Celo.
Frequently Asked Questions
- What is Celo?Celo is a blockchain ecosystem focused on increasing the adoption of crypto-currency among smartphone users, operating in PoS (Proof-of-stake).
- Where can you buy the cryptocurrency CELO?CELO cryptocurrency is available on many crypto asset exchange platforms including mainly: Binance, Coinbase, KuCoin or even Bittrex.
- What is the total supply of CELOL tokens? Thetotal number of available tokens is 1,000,000,000.
- What is the difference between the cUSD and the cEUR?The cUSD and cEUR are two stablecoins, one backed by the dollar and the other by the euro, which respectively follow the values of the dollar and the euro.
Our articles are written for educational and informational purposes. We do not provide investment advice. Any investment carries a risk of capital loss. Never invest more than you are willing to lose.