Buying Celo (CELO): Value and Performance

Why buy Celo?

Buying Celo (CELO) could be a smart choice if you believe in the future of accessible blockchain solutions. Celo is designed to simplify digital transactions, with its standout feature allowing mobile phone numbers to serve as public keys for payments. This integration can accelerate the mass adoption of cryptocurrencies, particularly in regions with limited traditional banking services.

Recently, Celo made a significant stride by launching the testnet of its Layer-2 solution called Dango, built on Optimism’s OP Stack framework. This initiative aims to enhance the network’s scalability and transaction speed while maintaining extremely low fees. The testnet is part of a broader plan to transition Celo to an Ethereum Layer-2 solution, boosting its integration with the Ethereum ecosystem and improving interoperability with other blockchains.

What is Celo and how did it start?

Celo is a mobile-first blockchain ecosystem that aims to make financial services accessible to anyone with a smartphone. Its slogan, “Send money to contacts, not characters,” highlights its mission to simplify money transfers by using phone numbers as public keys.

The Celo project stands out due to its dual-token structure: CELO, the governance token, and cUSD, a stablecoin pegged to the US dollar. These tools empower users to participate in network governance while enabling stable transactions free from the typical volatility of cryptocurrencies. The network utilises a Proof-of-Stake (PoS) consensus mechanism with Byzantine Fault Tolerance (BFT) to ensure security and scalability.

Founded in 2017 by Rene Reinsberg, Celo launched its mainnet in 2020. Since then, it has attracted interest from prominent investors like a16z and Polychain Capital, raising $66.5 million in private funding. These investments have supported the network’s development and promoted its global adoption.

The name “Celo” derives from Esperanto and means “Purpose.” The project’s vision is to improve access to financial services for the unbanked—those without access to traditional bank accounts—by leveraging blockchain technology to facilitate simple and secure digital transactions. Supported by a team of over 50 professionals, Celo continues to grow through community contributions and strategic partnerships.

Celo and the Stablecoin revolution in Africa

Celo is gaining momentum in stablecoin adoption, surpassing Tron in daily active addresses thanks to significant organic growth and the strategic expansion of its key African applications. MiniPay, integrated into the Opera Mini browser, and Valora, a mobile wallet for peer-to-peer payments, have been instrumental in driving Celo’s usage in countries like Kenya, Ghana, South Africa, and Nigeria.

This expansion has propelled Celo’s daily stablecoin transactions to exceed one million in July 2024 and boosted active users to a peak of 716,000. This growth enhances scalability and interoperability, supported by its transition to an Ethereum Layer-2 solution, solidifying Celo’s position as a leading project in the global blockchain landscape.