What is Celo (CELO) crypto? What is so peculiar about it?

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What is Celo (CELO) crypto? What is so peculiar about it?

Cryptocurrency
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Highlights

  • Celo envisions a blockchain ecosystem where financial systems are borderless and readily accessible.
  • It focuses on global smartphone users who do not have access to banking and can transact in cryptocurrencies.
  • CELO and cUSD are crypto’s two in-house tokens.

The global cryptocurrency market on Tuesday stood at US$2.17 trillion, a 0.48% growth since the previous day. Top cryptos like Bitcoin, Ethereum, Cardano, etc., were trading in green. Also, numerous altcoins are seen rising; among them is Celo crypto.

Here, in this article, let us know more about this crypto, its price and its distinct features.

cryptocurrency, Celo crypto

Source:© Alexanderushkevich | Megapixl.com

Know Celo crypto

Celo is a protocol that focuses on increasing cryptocurrency adoption among smartphone users. It aims to tap billions of smartphone owners across the world by acting as a global payment infrastructure, wherein its users, including those who do not have access to banking, can use phone numbers as public keys to transact in cryptocurrencies.

What is special about Celo crypto?

Celo operates two native tokens, namely CELO, a PoS token used for transaction fees and governance participation and the second one being Celo Dollar (cUSD), a stablecoin, which replicates the value of the US dollar. Further, the crypto aims to host various stablecoins in the future.

Interesting Read: What is SafeMoon crypto? What’s so unique about it?

As per the crypto’s whitepaper, Celo stablecoins could also be pegged to other global assets like barrels of oil or the euro.

Further, this crypto supports the creation of decentralised applications and smart contracts and is highly suitable for those regions where the population has not much access to banking facilities but it uses smartphones.

Moreover, the Celo blockchain automatically calculates transaction fees and has been optimally designed for mobile usage.

What is its price and from where it can be bought?

As of now, the crypto is trading at US$4.89, up 20.30% over the last day. One billion CELO tokens are the total supply of CELO coins while its circulating supply is nearly 433 million coins.

Do Read: What is Celo crypto and why is its price skyrocketing?

CELO coins are available in numerous exchanges like Bittrex, Coinbase Pro, Binance, Gate.io, KuCoin, OKCoin, etc.

Must Read: 6 tips to guide you with your first crypto investment

Bottom Line

In this dynamic world, new cryptos with unique characteristics keep on emerging into the crypto space. However, while investing in this extremely volatile and risky space, due diligence and caution must be followed.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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