Celo (CELO) Celo is a carbon-negative, permissionless, layer- | Crypto Great | Bitcoin | DeFi

Celo (CELO)

Celo is a carbon-negative, permissionless, layer-1 protocol with a rich ecosystem of global partners building innovative web3 applications.

Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain and several protocol stable assets (cUSD, cEUR, cREAL) that make it easy for anyone to use crypto for daily needs. Celo mainnet now supports over 1,000 projects and hosts more than 3.4 million active wallets, which is up 78% since the beginning of the year.

The Celo Foundation is dedicated to creating a financial system that’s inclusive to individuals around the world.

To aid in global blockchain and cryptocurrency adoption, Celo recently launched the Africa Web3 Fund to help scale African startup projects building on Celo.

Last month, the fund opened to all Africa-based startup applicants, with preferences and focus going to founders who are residents of the continent.

The Foundation engages in meet-ups and works with local developers in the region through ambassadors and pilot projects.

The Web3 Fund introduces startup protocols to investors from venture capital (VC) firms. Further benefits provided by the fund include in-person workshops, mentorships with the Celo Foundation Research & Innovation team, and marketing support.

Research from the World Bank in Africa reports the economic activity in Sub-Saharan Africa is projected to grow at 3.9 percent and 4.2 percent in 2023 and 2024, respectively. In 2021, tech startups across the continent raised close to $5 billion.

Africa is quickly becoming the new frontier for rapid technology growth, and Celo expects to be on the front lines.