Celo Raises $20 Million, Launches Global Payments App

Celo Raises $20 Million, Launches Global Payments App

by NeoTech Post

Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, raised $20 million in new funding.

Investors include Andreessen Horowitz, Greenfield One, and Electric Capital. 

Including the latest funding round, Celo has raised more than $65 million to date. The company’s existing investors include Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures, Social Capital, Dragonfly Capital, Version One Ventures, SV Angel, and Valor Capital.

“We now have the technology to create a better financial system – a rich ecology of digital assets and products that allow individuals and organizations to more seamlessly transact and manage risk,” said Rene Reinsberg, co-founder of Celo. “It’s been great to work alongside hundreds of like-minded, mission-driven organizations and entrepreneurs all over the world to bring this technology to life.” 

Since the Celo Platform’s initial development in 2017, the Celo community has developed and launched a Mainnet, a native asset (CELO), a stablecoin (cUSD), a mobile payments app. The app has been listed on major exchanges, including Coinbase and Binance. To date, more than 2 million transactions have run across the Celo network, making it one of the most actively used decentralized payments platforms on the market today.

“When we first began supporting Celo two years ago, we saw the opportunity to build a ‘full-stack’ global payments platform that anyone with a smartphone could use to send, receive, and store money,” said Katie Haun, General Partner at Andreessen Horowitz. “Celo can dramatically reduce fees and fraud while also making payments instantaneous and global.”

“Celo’s mobile-first approach combined with cross-chain interoperability is truly unique,” said Avichal Garg, Managing Partner at Electric Capital. 

Avichal Garg added: “A mobile-first philosophy means anyone can onboard into the Celo ecosystem quickly and with just a mobile phone number. Combined with the interoperability bridges that the Celo community is building, people anywhere in the world will soon be able to send Bitcoin, Ethereum, and other digital assets using only their smartphones. We are quickly moving to a world where cryptocurrencies and digital assets are accessible to anyone, globally.”

Image by Firmbee from Pixabay