- Decentralization appears to overtake the traditional financial sectors as DeFi projects dominate the industry.
- Celo launched a $100 million fund starring Sushi, Curve, and Aave to improve its global adoption.
- Celo partnered with DuniaPay to allow West African residents access day-to-day financial services seamlessly.
- With multiple announcements, CELO has witnessed price upsurges, doubling in few hours.
Though multiple altcoins broke free from the crypto market downtrends as they registered attractive gains, Celo stole the show after doubling its price in one day. Celo is a crypto project that targets to magnify cryptocurrency embracement among smartphone users. Its focuses on amplifying financial inclusion by allowing individuals with smartphone access crypto payments.
While pursuing its objective to increase financial inclusion, Celo declared a conglomerate including Sushi, PoolTogether, Curve, Aave, and others to offer decentralized services to the people. Keep in mind that crypto projects such as Cardano have attempted to solve financial constraints to the unbanked.
However, Celo collaboration aims to take the goal further. Celo targets the 6 billion individuals with smartphones with its ‘DeFi for the People’ services. The platform also launched a $100 million fund to improve DeFi adoption.
Before reaching anyone owning a smartphone, Celo started its services in West Africa. On 5 August, Celo declared its partnership with DuniaPay to offer banking services to West Africans. They plan to create a full-service app for financial services access by individuals in the region.
Celo launched cXOF, a stable community token, in August. CeloOrg official Markus Franke will teach about everything involved with stablecoins. The platform scheduled the event to be on 2 September.
Moreover, Celo announced launching Optics to allow cheaper communication on its network. The functionality will reduce gas fees by 90%. However, the network hasn’t announced the Optics launch date.
CELO Price Updates
CELO is the native coin from the Celo project and one of the best gainers this week. The token has gained over 102% in a month, increasing from $2.73 to $5.53.
CELO attained its ATH on 30 August at $10.66. However, the asset sees corrections days after surging nearly 92%. The cryptocurrency dropped by 2.96% in the past 24 hours to trade at $5.53. With its market capitalization standing at $1.7 billion, CELO ranks 73rd.
Celo works with the big players in the DeFi industry to ensure that smartphone owners access crypto payment services. DeFi for People can bring a new era of cryptocurrency mass adoption.