Announcing: OKCoin Lists CELO Token and Joins the Celo Alliance

written by OKCoin

Announcing: OKCoin Lists CELO Token and Joins the Celo Alliance

CELO is a utility token for the Celo network, supporting easy mobile payments and a global initiative for financial inclusion

OKCoin has listed Celo (CELO), supporting the Celo network with an on- and off-ramp and global liquidity for the token. The open Celo platform makes financial tools accessible to anyone with a mobile phone. Instead of having to manage complex crypto addresses, users can send crypto using just mobile phone numbers. This technological advancement breaks down barriers to entry for the existing financial system and better supports developing economies where smartphones are the primary access point for digital connection. As a regulated cryptocurrency exchange, we have also joined the Celo Alliance to further our commitment to developing a responsible financial ecosystem for digital assets. 

Celo Token 

Celo (CELO) is a utility and governance token for the Celo community, used for staking on the Celo network. The Celo token has a fixed supply and variable value. View more Celo metrics on Messari.

Celo is an open, decentralized, smart contract platform based off of Ethereum, built using the Go implementation. The network operates with a proof-of-stake (PoS) consensus algorithm with CELO functioning as the utility token for staking. Validators and nodes help to verify transactions and secure the network. CELO is ERC-20 compliant, and went live on the network in May 2020.

The Celo network is focused on providing communities around the world with a more reliable financial infrastructure for fast and easy mobile payments. The Celo protocol uses its address-based encryption scheme to support a multi-asset protocol that includes CELO and cUSD, the first of the protocol’s intended stable-value assets. CELO is the native utility token that powers the protocol while stablecoins like cUSD are used for mobile transactions between users. 

By connecting cell phone numbers to public keys, Celo allows users to send stable value simply via texting. This is in addition to using cUSD at local merchants that accept the asset. Since cUSD is pegged to the US dollar, it’s backed 50% by cryptocurrencies such as BTC and ETH and 50% by CELO, making it a reliable payment asset. View the whitepaper.

Celo Alliance

The Celo Alliance for Prosperity is focused on advancing financial inclusion in developing countries through decentralized mobile apps. As a member of the Alliance, OKCoin is committed to growing the Celo protocol into a widely adopted and used decentralized finance (DeFi) ecosystem for fast, secure, and stable digital payments. As proponents of the importance of free and open-source software in creating a new digital asset economy, we support the development of open, decentralized ecosystems that provide new opportunities for secure peer-to-peer transactions. 

“Protocols like Celo support global financial inclusivity, an important component of a responsible financial ecosystem. They’re leapfrogging existing exclusionary financial structures and creating new ways of generating and managing wealth,” said OKCoin CEO, Hong Fang. “At OKCoin, we’re focused on making digital assets and virtual currencies accessible to the world. The Celo Alliance and protocol align with that mission.”

Current initiatives of the Celo Alliance include a collaboration with the World Food Programme to bring financial tools to refugees in Tanzania, and a pilot program from Celo’s cLabs exploring how to bring more Filipino merchants and consumers into the formal economy

“Stablecoins emerged with exciting promises of being used around the world to improve financial access,” said Chuck Kimble, head of the Celo Alliance for Prosperity. “However, in practice, they are primarily used to shield traders from volatility of crypto markets and for arbitrage. The Celo community is focused on changing this through a focus on the developer and user experience, making stablecoins easily accessible on a mobile phone. This access will help usher in a new generation of crypto users. As a regulated exchange serving more than 180 countries, OKCoin plays a crucial role in providing a seamless transition between fiat and Celo Dollars (cUSD) to the Celo community members around the world.”

OKCoin is pleased to become a member of the Alliance, joining 100 other organizations including payment organizations like MoonPay and Wyre, and nonprofits like Mercy Corps and the Grameen Foundation. 

Buy CELO on OKCoin

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