Celo announces its $100 million funding for education, grants, and token rewards from DeFi protocols and for a DeFi initiative. The founding members of the initiative are Aave, Sushi, Curve, 0x, Ubeswap, Valora, UMA, and Moola Market. This initiative is taken for the mission of making DeFi accessible to millions of users via smartphones.
Celo aims to reach millions of users with cryptocurrency tools which operate on a blockchain project. With the tools on smartphones Celo wants 6 millions of users to access DeFi globally. Significantly, Celo raises funds from Ethereum DeFi for grants, education and token rewards. The firms together have planned to use half of the funds for incentive programs.
Moreover, among the partners Chainlink, RabbitHole, and Wrapped.com are education and infrastructure partners. Besides, poolTogether has integrated with Celo to offer $500,000 as prize pool. The lottery is on Ethereum blockchain “no-loss lottery”, where people pool their cash into an interest-bearing vehicle with one winner who receives the reward.
Meanwhile, Aave, a crypto lending firm offers $20 million in token rewards to the ones who access Celo via smartphones. Curve, a DEX, has set aside $14 million in incentives. Sushi, a well-known exchange, offers $10 million for new traders of Celo.
Celo’s Mission “To Make DeFi Accessible”
Celo appeared to be an open-source version of Facebook’s Libra project when it first debuted. By setting up a foundation, both the Prosperity Alliance and the Libra Association, the financial system was to be reestablished to make the money available to people from every field of life more quickly and cheaper to send and receive money.
The co-founder of Celo, Rene Reinberg says that:
“DeFi for the People aims to make DeFi accessible to everyone by powering real-world use cases and focusing on mobile-first adoption”
However, Celo continued on its developments and as a result built the platform, implementing new protocols. The platform initiated to add protocols created by its cLabs and others from outside developers.
