Celo x Coinstore Partnership Presents Newer Opportunities for Holders
May 18, 2022 02:19 ET
The U.S. May 18 / Medium/ — Celo, an open-source blockchain ecosystem focused on making decentralized financial (Defi) systems and tools accessible to anyone with a mobile phone, and Coinstore, a global Singapore-based cryptocurrency exchange, today announced a partnership forged to provide an accommodating on and off asset ramp for CELO/USDT, cUSD/USDT, cEUR/USDT + cEUR/BUSD enabling users to harness the 25% annual reward offerings on cUSD and cEUR within Valora, a non-custodial wallet native to the Celo blockchain.
CELO BUSINESS MODEL
Celo aims to assist users in resolving real-world issues such as a denial of availability to reliable money and to assist nations in eradicating poverty. To provide convenient access to decentralized finance via mobile phones, the platform employs an ultralight mobile client.
The Celo blockchain enables users of Defi apps built on Celo to send & receive stablecoins from mobile phones, by using smart contracts on an open-source decentralized network.
What is the Token Utility of CELO and Celo Stablecoins?
CELO, the blockchains utility token aims to boost cryptocurrency adoption among smartphone users, CELO and the Celo stablecoins have multiple use-cases such as:
- Supporting a range of stablecoins that track the value of fiat currencies (cUSD, cEUR, cREAL)
- Phone number mapping to authenticate users’ phone numbers to public keys
- Building applications that enable cross-chain communication across an increasing number of compatible chains
- Being used for gas fees and governance participation
- Harnessing the benefits of Defi by supporting the creation of DApps and smart contracts
- Fighting climate change by tokenizing carbon-sequestering assets
Celo Stablecoins are crypto-backed digital assets that use an algorithmic stability mechanism to hold their value to the U.S. Dollar (CUSD), Euro (CEUR), and Brazilian Real (CREAL). Stablecoins are being used for payments, borrowing, lending, donations, and more.
They are fast, carry low transaction fees and enable the payment of gas with stablecoin, lowering the barrier of entry to crypto for new users.
At the time of writing, one CELO token is valued around $3.36 ~USD, with a 24-hour trading volume of $115,107,205.98 USD and a 2.02% increase in the last 24 hours.
Valora. app, a non-custodial wallet built on Celo currently offers 25% annual rewards to users that hold Celo stablecoins. Valora makes transacting with crypto open to all people around the world allowing them to:
- Send and receive without the need for a traditional bank account;
- Send money quickly and cheaply to almost any cellphone number around the globe;
- Use any mobile device, even if it has limited internet access;
- Use stablecoin to pay transaction fees.
MAJOR ADVANTAGES OF CELO
Celo is now the fourth fastest-growing Layer-1 blockchain and among the top 10 Ethereum Virtual Machine (EVM) layers. The ecosystem includes over 4,000 builders from 180 countries and 150 dApps. As a result of its rapid transaction capabilities and low transaction costs, Celo has managed to process over 110 million transactions. Some core opportunities and advantages of Celo include:
- Fast Synchronization
- Mobile-first Tech
- Easy Send/Receive Money
EVM compatibility, quick synchronization on a slow connection, proof-of-stake, on-chain governance, stable coin portfolio, and low transaction fee mode renders Celo a special coin leveraging low entry barriers for all players and holders.
In the first week of April, the Celo coin observed a solid growth trajectory of 28%. With intra-day trading numbers increasing by 239%, the Celo coin is reported to drop into bullish territory. Celo was developed as a sophisticated worldwide payment infrastructure for cryptocurrencies with advanced blockchain tech
and the creative capabilities of its creators. Celo is a dramatically more resourceful way to create easy access for holders to decentralized finance systems.
CELO Token Overview
- Total Issue Supply: 1,000,000,000
- Total Circulation Supply: 427,388,610
- Market Cap: $1,435,801,612 USD
- Launch Date: April 2020
CELO Listing on Coinstore.com:
- Trade Time: 11 May 2022, 17:00(UTC+8)
- Withdrawal Time: 11 May 2022, 17:00(UTC+8)
Renowned for being the world’s first carbon-neutral layer-1 protocol, Celo is a mobile-first, open-source ecosystem of technologies, organizations, and individuals that all share a common mission of building a financial system that creates the conditions for prosperity for everyone.
The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), several functional stablecoins (cUSD, cEUR, cREAL), and the Celo Alliance for Prosperity, with over 100 organizations around the world, including Andreesen Horowitz, Anchorage, Coinbase, GSMA, Mercy Corps, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem. For more information on Celo, please visit celo.org.
With aspirations to build a progressive financial system that fosters conditions of prosperity for all, the Celo Foundation is a non-profit organization that supports the growth and development of the open-source Celo Platform.
As the world’s first carbon-neutral blockchain, CELO’s aim is to contribute to education, technical research, environmental health, community engagement, and ecosystem outreach such as activities that support and encourage an inclusive financial system.
As of yet, CELO has begun to tokenize the rainforest through its Climate Collective — a valiant community effort to fight climate change by tokenizing carbon-sequestering assets.
Users who are interested in trading CELO can check out Coinstore.com and be a part of this rapidly growing project.
CELO’s Official Channels
- Website: https://celo.org/
- Twitter: https://twitter.com/CeloOrg
- Instagram: https://www.instagram.com/celoorg/
- Telegram: https://t.me/celoplatform
- Medium: https://medium.com/celoorg
- Discord: https://discord.com/invite/6yWMkgM
- Reddit: https://www.reddit.com/r/celo/
Coinstore.com’s goal is to advance the crypto industry to the next level and provide access to popular digital assets to the mainstream public.
Encompassing a whole new concept of “fun” in finance, Coinstore.com also aims to equip our users with experience and techniques to buy, sell and trade on the go. Still, in its up-and-coming stages, Coinstore.com welcomes community members and interested influencer partners to join us for collaborations.
Partnership & Media Contact:
Isaac Lim, Business Partner, Coinstore.com
Bommi Hua, Assistant Marketing Head, Coinstore.com
Coinstore.com’s Official Channels:
- Twitter: https://twitter.com/coinstore_en
- Telegram Discussion Group: https://t.me/coinstore_english
- Telegram Announcement Channel: https://t.me/coinstore_global
- Facebook: https://www.facebook.com/coinstore.en/
- Website: https://www.coinstore.com
- Discord: https://discord.gg/KKHtHa4KPX
- Instagram: https://instagram.com/coinstore_exchange
- TikTok: https://www.tiktok.com/@coinstore_globa