Celo Foundation, the first mobile platform that makes financial dApps and crypto payments accessible, has announcement that he is launching a $20 million campaign, Connect the World, with the goal of encouraging the high-quality development of Celo on-ramps and egress around the world.
The Celo Foundation brings “Connecting the World”
Along with the introduction of Connect the World, the Celo Foundation also introduced an open-source API specification for payment providers, FiatConnect, to make integrations more scalable, accessible and easier than ever.
The Connect the World campaign launched with an offer of $50,000 to its first payment provider in each country to integrate FiatConnect and “demonstrate an on-ramp and off-ramp that meets the quality bar”.
The company will also subsidize access fees of up to $100,000 for all providers, making Celo’s assets more accessible and affordable for users. The announcement states:
“The Celo Foundation and the wider Celo community believe in a future where anyone, anywhere in the world can access digital assets and thrive through financial inclusion. Significant progress has been made towards this view.
Notably, the Celo community launched three stablecoins – cUSD, cEuro, and cREAL to track the value of the US Dollar, Euro, and Brazilian Real, respectively. Each of these stablecoins allows users to store value and transact with the mobile phone with just a few clicks and at a very low cost.
Celo’s innovative partners
The announcement went on to reveal that Celo ecosystem partners have created several innovative solutions in addition to the primitives, which include “decentralized applications to pay micro-workers in low-income communities, distribute COVID aid in the Philippines and finance an unconditional basic income”.
These solutions, according to the company, have received positive feedback for their function of facilitating the conversion of Celo’s stablecoin assets into fiat for the purchase of everyday goods and services.