Anchorage To Provide Crypto Custodial and Staking Support For Libra Rival’s Celo Token cGLD
Anchorage has announced its support for the native token of Celo Blockchain which is also dubbed as a Libra rival. Anchorage would be the official and preferred custody provider for Celo’s native token called Celo Gold. The institutional crypto custodian would offer storage as well as staking services for the new Celo Gold token.
Diogo Mónica, Co-founder and President of Anchorage believes that their platform has been built for networks like Celo which requires on-chain governance. Celo Gold users can use the Anchorage platform to store and stake their tokens along with many other advanced network functionalities.
Monica also revealed that they have worked with the Celo labs from the starting phase to make it viable for institutional purchases.
What is the goal of Celo Blockchain
Celo is a proof of stake Blockchain working on top of the Ethereum network where the Celo Gold token would act as the main currency as well as governance token which will be utilized for conducting numerous operations on the platform. The staking services would reward users for the amount of token held in the chest as well as the duration for which it has been stored. This structure is believed to help the overall network stability.
Celo blockchain aims to build a financial system that would offer financial services to 5.6 billion smartphone users from around the globe. Anchorage is one of the founding members of the Celo Blockchain and is helping them in bringing blockchain and digital assets to the masses along with making these new technologies more useful in the real world.
The basing work model of using stablecoin to offer financial services through smartphones make Celo quite similar to Facebook’s Libra project. However, Monica belive that the similarity ends right there as Celo is a truly decentralized and open network that can be modified and programmed as per the community’s demand.
The mainnet for the Celo blockchain is scheduled to be released in various stages. The first stage will be called Release Candidate 1 which is expected to debut on April 22. Following this launch, validators will release the candidate network and later Celo Gold, Celo Dollar, and the mobile wallet will be released as well. The native Celo token would be a stablecoin backed by the US Dollar.
While Celo has made its pathway clear for a scheduled launch, its rival Libra seems to be still in limbo. Amid the outbreak of the coronavirus pandemic, Libra has made critical changes to its stablecoin where instead of one stablecoin backed by multiple fiat currencies, now it is planning to launch multiple stable coins for different fiats.