Celo Foundation launches $20M Campaign to incentivize on and off-ramps developments
Celo Foundation, the mobile-first platform that makes financial dApps and crypto payments accessible, has announced that it is launching a $20 million campaign, Connect the World, with the aim to incentivize the high-quality Celo on- and off-ramps development worldwide.
Celo Foundation brings ‘Connect the World’
Along with the introduction of Connect the World, the Celo Foundation has also introduced an open-source API specification for payment providers, FiatConnect, to make integrations more scalable, accessible, and easier than ever.Connect the World Campaign has been started with an offer of $50,000 to its first payment provider in each nation to integrate FiatConnect and “demonstrate an on- and off-ramp that meets the quality bar.”
The company will also subsidize on-ramp fees of up to $100,000 for all providers, which makes Celo assets more accessible and affordable for users. The announcement states:
“The Celo Foundation and the broader Celo community believe in a future where anyone, anywhere in the world, can access digital assets and prosper through financial inclusion. Considerable progress has been made toward this vision.”Notably, the Celo community has launched three stablecoins — cUSD, cEuro, and cREAL to track the value of the U.S. Dollar, the euro, and Brazilian real, respectively. Each of these stablecoins allows users to store value and transact with the mobile phone in a few clicks and at a very low cost.
Celo’s innovative partners
The announcement went on to reveal that the Celo ecosystem partners have created several innovative solutions on top of primitives, which include “decentralized apps to pay microworkers in low-income communities, distribute COVID relief in the Philippines, and fund unconditional basic income.”These solutions, according to the company, have seen positive feedback for their function to ease Celo's stable assets conversion into fiat for buying everyday goods and services.
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