The startup of Blockchain Payments, Celo has managed to raise an amount of $30 million from well recognized investors of the Cryptocurrency Market. The investors include the likes of Polychain Capital and Andreessen Horowitz. Celo is the trading name of A Protocol Inc. It plans to make use of an in-house digital token as well as stablecoin to let the cross-border payments take place easily. This primarily focuses on the unbanked regions through the use of smartphones. The company had already raised an amount of $6.4 million during their previous injections of cash. Now, they are carrying out pilot-phase tests in the Latin American country of Argentina.
The Co-founder of Celo, Rene Reinsberg said that they are seeing very big potential in letting people get access to basic financial services, directly on their smartphones. The power as well as the attraction of borderless payments without having the need to have banking credentials, has for a long time formed a preoccupation for start-ups of cryptocurrency. Kenya was the first country in line for disruption as a result of their heavy penetration towards smartphone payments. On a long-term basis, Celo has plans to persuade developers to build up additional services on top of their platform. Out of their two tokens, which are custom-built, one would function as a verification tool for transactions. The other one would be a stablecoin, which has the backing of US Dollar.
The latter one is being termed as the Celo Dollar. It must end up as the native cryptocurrency for users who payments to one another. The creation of Celo Dollar builds on the present trend in the industry. It continues to see different assets of stablecoin appearing, which has so far remained tied to US Dollar nd the Japanese Yen.
Dale Bennett was a Service Analyst by profession and writing is his calling. Owing to his interest, he has quit his 9 to 5 job and has been working as an author at Today News Air. He is a voracious reader and an avid traveller.