Celo Projects Raise $77 Million To Develop The Blockchain

DeFi and ReFi projects on the mobile-based crypto payments infrastructure provider has raised $77 million in funding rounds led by VC firms. Celo will use the funds to improve features supported by its network.

Celo Projects Raise $77 Million To Develop The Blockchain

On Thursday, decentralized crypto payments protocol Celo announced that projects on the network have raised a combined $77 million in seed funding to develop blockchain infrastructure. Projects including ImpactMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone and Jia secured funding from venture capitalist firms to improve the Celo’s efficiency and interoperability.

 

Blockchain development protocol Tatum and interchain communication protocol Hyperlane secured the largest funding at $41.5 million and $18.5 million respectively in a seed round led by venture capitalist firm Variant. Both projects are working on developing interoperability features for Celo. Regenerative finance (ReFi) focused projects impactMarket, Loam and Sanergy raised a combined $6 million. ReFi is an emerging system within crypto where projects are using blockchain and Web3 technology to address environmental and social issues. Decentralized finance (DeFI) projects Redstone and Jia raised $7 million and $4.3 million respectively, in a pre-seed funding round.

 

Celo was founded in 2017 by former GoDaddy executives Rene Reinsberg and Marek Olszewski. The network provides infrastructure for digital asset payment via mobile phones, and uses phone numbers as a proxy for private keys. The decentralized platform has some big names backing it like Citigroup Chairman Dick Parsons and Block CEO Jack Dorsey.

 

CELO token is currently trading at $0.69, down 3.8% from the previous day.

  

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