Bengaluru, India–(Newsfile Corp. – March 26, 2022) – Celo Foundation, a mobile-first open-source ecosystem, and India’s leading crypto exchange, WazirX, are working to connect global communities and bring financial stability to those who need it most.
Celo Foundation And WazirX
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The two partnered up to list CELO tokens allowing users to buy, sell, and trade the crypto in WazirX’s INR and USDT market.
Celo, which means purpose in Esperanto, seeks to help users solve real-world problems such as lack of access to sound currency in hopes of helping communities alleviate poverty. The platform uses an ultralight mobile client to allow easy access to decentralized finance through smartphones.
Currently, Celo prides itself in being the 4th fastest growing layer one blockchain and top 5 EVM layer. The platform has over 4000 builders spread across 180 countries and 100 dApps. Celo has also completed over 100 M transactions due to its low transaction fees and fast transactions.
The Celo ecosystem comprises the Celo platform, a decentralized proof of stake blockchain technology, Celo assets (CELO token and the stablecoins), and the Celo Alliance for Prosperity. Foremost, Celo has two main token assets serving different utilities. CELO, the native token, serves as a governance and staking tool. The token also serves as the primary asset for the Celo Reserve to maintain the value of the stable assets in the reserve. CELO has a fixed supply of 1 billion tokens.
On the other hand, the Celo stablecoins are used as payment and remittance tools, lending and borrowing, savings, and staking. The stablecoins include Celo Euro (cEUR), Celo US Dollar (cUSD), and Celo Brazilian Real (cREAL). These stablecoins are characterized by stability, low risks, transparency, and decentralization.
Since its launch, Celo has grown to become one of the leading open-source ecosystems forming partnerships with over 150 organizations across the globe, including Andreessen Horowitz, Deutsche Telekom, Anchorage, Opera, Coinbase, and many more
The platform also comes with some of the most advanced initiatives, including the DeFi for the people, Climate Collective and PROVO. DeFi for the People results from collaborations with the community and significant stakeholders within the DeFi industry to provide DeFi services to anyone with a mobile phone.
Climate collective features a community of companies coming together to tokenize natural assets to back Celo stablecoins. Lastly, PROVO is a sandbox for public and official sector digital asset experimentation on the Celo protocol. Launched in September 2021, the sandbox seeks to bring together critical elements needed for banks and regulators to experiment on designing and issuing central bank digital currencies (CBDCs) in a permissionless environment free from risks.
Celo Foundation Contact
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