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Payments Startup Celo Raises $20M From a16z, Electric Capital
Celo offers a blockchain payments platform using customers' cellphone numbers to secure their public keys.
Oleh Sebastian Sinclair
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Mobile-focused blockchain payments startup Celo has raised $20 million from the likes of Andreessen Horowitz (a16z), Greenfield One and Electric Capital.
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According to a press release on Wednesday, the funding will go towards fleshing out its suite of offerings.
Celo is a proof-of-stake blockchain built on Ethereum, designed to support stablecoins and tokenized assets, while utilizing cellphone numbers to secure a user's public keys.
To date, the startup says it has raised more than $65 million from high-profile industry backers including Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures, among others.
Read more: Big Guns Back $10M Investment in DeFi’s dYdX
"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 ... transact and manage risk,” said Celo co-founder Rene Reinsberg.
Since Celo's initial development in 2017, the project has launched a mainnet, a native token (CELO), a stablecoin (cUSD), a mobile payments app and has been listed on major exchanges including Coinbase and Binance.
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Hong Kong continues to support local digital asset community growth, chief executive says
The government will continue to support a local crypto/Web3 agenda, Chief Executive John KC Lee said at Consensus.
Yang perlu diketahui:
- Hong Kong Chief Executive John KC Lee said the government is committed to making the city a global hub for digital asset and Web3 innovation.
- Lee highlighted the "one country, two systems" framework, deep financial market liquidity and strong investor protections as key advantages for crypto development in the special administrative region.
- The Hong Kong Monetary Authority is close to issuing the first stablecoin licenses, while the Securities and Futures Commission is working to deepen virtual asset market liquidity.
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