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Celo Receives Additional $20 Million In Institutional Backing Amid Launch Of Global Payments Application And Exponential User Growth

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Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, today announced $20 million in new backing from purchasers and partners including Andreessen Horowitz, Greenfield One, and Electric Capital. To date, Celo has garnered more than $65 million from backers including Polychain Capital, Reid HoffmanJack Dorsey, Coinbase Ventures, Social Capital, Dragonfly Capital, Version One Ventures, SV Angel, and Valor Capital, among others.

“We now have the technology to create a better financial system – a rich ecology of digital assets and products that allow individuals and organizations to more seamlessly transact and manage risk,” said Rene Reinsberg, co-founder of Celo. “It’s been great to work alongside hundreds of like-minded, mission-driven organizations and entrepreneurs all over the world to bring this technology to life.”

Since the initial development of the Celo Platform in 2017, the Celo community has developed and launched a Mainnet, a native asset (CELO), a stablecoin (cUSD), a mobile payments app, and has been listed on major exchanges including Coinbase and Binance. To date, more than 2M transactions have run across the Celo network, making it one of the most actively used decentralized payments platforms on the market today.

“When we first began supporting Celo two years ago, we saw the opportunity to build a ‘full stack’ global payments platform that anyone with a smartphone could use to send, receive, and store money,” said Katie Haun, General Partner at Andreessen Horowitz. “Celo can dramatically reduce fees and fraud while also making payments instantaneous and global.”

“Celo’s mobile-first approach combined with cross-chain interoperability is truly unique,” said Avichal Garg, Managing Partner at Electric Capital. “A mobile-first philosophy means anyone can onboard into the Celo ecosystem quickly and with just a mobile phone number. Combined with the interoperability bridges that the Celo community is building, people anywhere in the world will soon be able to send Bitcoin, Ethereum, and other digital assets using only their smartphones. We are quickly moving to a world where cryptocurrencies and digital assets are accessible to anyone, globally.”

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