Celo partners Defi, launches $100m projects for Developing Countries
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Celo has introduced an initiative called “Defi for the People.”
According to the global blockchain platform, the purpose of the initiative is to scale the use of Decentralized Finance (DeFi) to the global population.
Less than 10% of the people who use DeFi platforms and applications live outside developed countries out of an estimated 5 million people who use it across the globe.
It is based on this that it has introduced the initiative to empower developers across the world to create for people in the developing world, products that make decentralized platforms easier to use and more accessible.
The initiative will use the $100 million contributed by the partners as grants, incentives and to support educational initiatives in order to fulfill its ambition.
Defi project partners include UMA, Sushi, Aave, Ox, Curve, Valora, Moola Market, PoolTogether and UbeSwap while education and infrastructure will be offered by TheGraph, Chainlink, Wrapped.com and RabbitHole.
Celo has already fused its platform with Moola Market, Sushi, PoolTogether, and Valora with promises to fuse other protocols soon.
On the incentives program by DeFi participants on the Celo platform, users have a chance to win prizes simply by depositing into PoolTogether on the Celo platform. Whether or not users win, they still get their deposits.
The platform will make it possible for users to easily move their assets between itself and Ethereum as it is set to launch a cross-chain interoperability protocol.
It will also introduce other programs like the $10 million incentive program with Sushi, the $20 million incentive program with Aave, and the $14 million incentive program with Curve.
Celo is also set to run a hackathon in October this year to help kickstart and build the best projects on its platform with $1 million in seed funding and prizes.
Celo is a global payment infrastructure for crypto with over 1 million wallet addresses across 113 countries that targets mobile phone users and makes financial tools accessible to them while giving them a user-friendly experience.
Its transparent blockchain technology facilitates real-time records of transactions and reconciliation. This makes it is easy to trace funds and makes it impossible to tamper with transaction records.
Because Celo does not involve financial intermediaries in its process, there are no high operating costs for cross-border transfers and payments to individuals thereby making more funds available to the people who need it most.
Interested in the Hackathon? register here.
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