A collaboration of 20 different DeFi projects, initiated by Celo, aims to promote the sector on the mobile-first platform.
A consortium around mobile-first platform Celo has today launched “DeFi for the People”. This is a 20-member cooperation of various crypto organizations such as Aave, Curve, SushiSwap or Chainlink, who want to jointly advance the adoption of decentralized financial services for smartphone users. For this purpose, a total of 100 million US dollars is available for further training and funding. The collaboration will simultaneously integrate various crypto projects into the Celo Blockchain. On the motivation behind the initiative, Celo partner Markus Franke tells Yellow Rocket Agency:
“Celo is launching DeFi for the People, a collaboration of global crypto organizations with a common goal: Bringing DeFi to the six billion smartphone users around the world. DeFi for the People will make mobile a bigger part of the DeFi story, ultimately putting more DeFi tools in the hands of more users around the world, and making the benefits of decentralized finance accessible to anyone with a mobile phone.
Markus Franke, Partner at Celo/cLabs told Yellow Rocket Agency
Celo aims to be solution for countries with weak financial infrastructures
The initiative fits into Celo’s philosophy. For quite some time, Celo has been trying to solve the problems of lack of financial inclusion for people living in countries with weak financial infrastructures. That’s why the DeFi project is working on a mobile payment solution for customers from all over the world and is also receiving support from traditional financial service providers. For instance, they announced a partnership with “PayU” just about a month ago. The Dutch payment company then activated a payment function in cUSD (Celo’s own stablecoin) for almost 450,000 merchants.
Now comes “DeFi for the People”, the next ambitious venture to make DeFi accessible to a broad mass. Markus Franke comments:
We see growth in the DeFi space accelerating in the future. There is a lot of investment to incentivize the best DeFi app to be developed. There are still a lot of barriers between different projects that make it difficult to use, so we are focusing on interoperability and a mobile-first approach
Markus Franke, partner at Celo/cLabs told Yellow Rocket Agency
The initiative is still in its infancy, however, so Celo is also counting on support from other developers and companies. To that end, the consortium announced a hackathon in October with the goal of attracting more DeFi projects to the platform. Among other things, prizes and start-up funding of one million US dollars await.