Celo is a blockchain ecosystem aimed at increasing the use and acceptance of cryptocurrencies among smartphone users. Targeting billions of smartphone users as its customer base, Celo aims to facilitate sending cryptocurrency simply by sharing a phone number.
Even though cryptocurrencies have been growing significantly in mainstream media lately, some technical details might still be holding back average investors. Information such as private and public keys of cryptocurrency wallets can be challenging for many novice investors. CELO, on the other hand, aims to achieve secure cryptocurrency transfers using just phone numbers.
In addition, the Celo network also allows the use of smart contracts. The use of smart contracts enables the creation and use of decentralized applications (DApps). CEO, a decentralized finance-focused initiative, launched its mainnet in April 2020. The platform has two types of cryptocurrency, the first being CELO, a Proof-of-Stake focused cryptocurrency.
CELO is used for transaction fees, governance mechanism, and other activities on the network. In the future, the platform aims to launch and introduce many new stablecoins in addition to Celo Dollar (CUSD). Currently, the second type of cryptocurrency is seen as CUSD.
What is Celo (CELO)?
CELO is the native cryptocurrency of the respective blockchain network. CELO was developed by a team consisting of individuals who have worked at MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, FED, Harvard University, University of Pennsylvania Law School, University of Cambridge, U.S. Department of Justice, Bank of America, Capital One, Twitter, and the Gate Foundation.
As of the time this article was written, CELO is trading at $4.11, ranking 75th. CELO’s total market value is 756 million dollars while there are 184 million CELO in circulation. CELO stands out from its competitors with its stablecoin infrastructure and DeFi support.
Where to Buy CELO Coin?
CELO Coin, with its promising infrastructure and usability, has quickly managed to be listed on the Binance cryptocurrency exchange. This makes it possible for users who want to buy CELO to do so only through Binance.