Why is Mobile-first blockchain Celo (CELO) crypto gaining attention?

Image Source: © Mitinavioletta | Megapixl.com

Highlights:

  • Celo (CELO) is a mobile-first blockchain. 
  • CELO token started trading on the BinanceUS exchange on June 29.
  • On June 28, it launched a hackathon titled "Celo Playgrounds: Celebration of Diversity".

The Celo (CELO) token was trending on Wednesday after it started trading on the BinanceUS crypto exchange.

On Tuesday, Celo launched a hackathon titled "Celo Playgrounds: Celebration of Diversity" to invite project proposals from developers. The participants will build projects to raise awareness about inclusivity and the LGBTQ+ community. It will conclude on July 9.

The winners will receive rewards from a US$15,000 prize pool. The CELO token was trading 15% higher on Wednesday afternoon from its all-time low of US$0.745722 on June 18, as per CoinGecko. But its price in the last 24 hours to 1:24 pm ET was down 5.50% to US$0.8603. Let's know more about the Celo token.


What Is Celo (CELO)?

Celo is a mobile-first blockchain for decentralized finance (DeFi) tools and services. 

Since mobile phones are more widely used than computers, Celo hopes to reach out to more people through its platform and offer DeFi benefits. Currently, some six billion smartphones are estimated to be in circulation. The project started in 2017, but the mainnet was launched in 2020. It allows developers to create smart contracts and DApps

Celo was founded by a highly talented group of people from MIT, Stanford, Google, World Bank, Federal Reserve Bank, Harvard University, Cambridge University, US Justice Department, Bank of America, and the Gates Foundation, among others. 

Celo Foundation, a non-profit organization in the US, manages the open-source platform. It contributes to various activities, like education, environment, community, technical research, and ecosystem outreach to encourage inclusivity in finance.

The network is secured by a proof-of-stake (PoS) consensus mechanism and uses a complex election process to determine its blockchain validators. 

Data Source: coinmarketcap.com

CELO token:

Celo platform has three native tokens. CELO, Celo Dollar & Celo Euro. 

CELO is used to pay for transactions, governance, and other related activities. It is an ERC20 token available on Binance, MEXC, OKX, Gate.io, KuCoin, and Coinbase Exchange, among other crypto exchanges.

In the future, the platform plans to host more stablecoins.

Bottom line:

CELO’s current market capitalization is US$382.5 million, with a circulating supply of 445 million CELO. The token has a total supply of 1 billion.

The crypto market is volatile, and investors must do their research before investing in crypto assets.

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