Celo Invests $100 Million to Expand DeFi Space

Celo ecosystem is an open-sourced blockchain project that is used by several DeFi projects. The management of Celo has recently set up a new initiative that is spearheaded by the major DeFi projects. The initiative aims to ensure that more people can get access to the DeFi market places. The new venture called DeFi for people is a collective effort by the most successful DeFi projects on the network.

The participants of the venture have decided to contribute and collect an amount of $100 million. This money is going into ensuring that more and more investors in every part of the world can get access to the Celo network. The noteworthy projects contributing to the cause are Sushiswap, 0x, PoolTogether, AAVE, and Curve. The funds are going to go towards raising awareness, upgrading technology, and running educational programs.

As per media reports, the Celo network initiative is trying to address the age-old issue of financial inclusivity. According to experts, the traditional financial infrastructure is not a very welcoming space. However, decentralized technology has the upper hand in this situation since it is possible for people to invest in one token without worrying about geographical boundaries.

Celo network has several noteworthy organizations associated with them like Coinbase, Andreessen Horowitz, and Deutsche Telecom, among others. The main objective of the new initiative is to ensure that the people who are accessing the internet with their mobile phones can access as many DeFi token projects as possible.

Major DeFi Projects are Working with Celo Network

Celo network is known for providing digital wallet services with mobile applications. Currently, there are more than 1 million active users on the network that hail from 113 countries. Some of the most successful DEX markets like Sushi, UbeSwap, Valora, Moola Market, and PoolTogether are the founding stores that started on the network. Leighton Cusak is the founder of PoolTogether, who claimed that by incentivizing users with smaller gas fees and faster transaction speed, the market could expand further.

Celo’s co-founder, Rene Reinsberg, recently told the media that at present, less than 10% of the users on the Celo network are from developing countries. With the new initiative, it will be possible for more people to get a chance to access the market with their mobile phones and limited internet connectivity. Celo network is also working with blockchain projects like Chainlink, RabbitHole, Wrapped.com, and The Graph for setting up educational programs for raising DeFi market awareness.