What is Celo?
Celo is a proof-of-stake, open-source blockchain that is focused on providing a mobile-first global payment infrastructure.
The Celo Foundation aims to open DeFi access to all by providing a user-friendly service that is cheap and fast for value transfer.
Celo has two tokens. Its native token, CELO, is used for governance and staking. Its stablecoin, cUSD, provides users the ability to transfer a non-volatile cryptocurrency at a cheap and fast rate.
Celo is an open-source, proof-of-stake blockchain that is focused on providing permissionless digital currency to a global audience. Unlike other major chains that encourage a vibrant and diverse ecosystem, Celo’s focus narrows to providing a global payment infrastructure, especially for those who have been neglected by traditional financial systems. For example, many adults in the poorer regions of the world are not recognized by banking systems and thus, do not have the opportunity to exchange value with people outside of their immediate contacts. Celo is on a mission to create conditions of prosperity for everyone by implementing a mobile-first platform that is decentralized and user-friendly. With the rise in the number of people that own a smartphone, Celo aims to service users in all corners of the world with its ability to transfer value faster and cheaper than traditional bank wires globally.
In line with its mission to impact local economies, the Celo Foundation’s initiatives are targeted at empowering people. The Celo Foundation launched its $100M DeFi for the People initiative on August 2021 for grants, incentives, educational initiatives and pilots that help to form a robust financial ecosystem for unbanked and underbanked people around the world. For example, the initiative funds Sushi, which is a DeFi protocol that provides users the ability to buy and sell crypto assets permissionlessly.
The foundation also shows a forward-thinking attitude to preserving communities and local habitats by supporting DeFi projects that conduct activities that benefit the planet. Celo coordinates closely with Toucan Protocol, among several other ReFi projects, to help reverse climate change through Web3 technology.
The Celo blockchain has two tokens — CELO, which is its native token and Celo Dollars, cUSD, which is a stablecoin that is pegged 1:1 to the US dollar. Everyone who owns CELO gets a say in how the platform evolves and develops over time. The stablecoin was introduced to allow users to share stable currency faster, cheaper, and more easily on their mobile phones. In Celo’s words, its stablecoin allows “everyone around the world to instantly send and receive money locally or internationally, without the burden of high transaction fees or third parties”. The CELO native token is used as a utility token for governance and on-chain transaction fees. Users can also stake the CELO token to earn rewards passively. Learn how you can stake CELO to earn rewards.