On June 24th, Brian Armstrong of Coinbase took to his personal and official Twitter account to make the following post:
“Coinbase is proud to be an investor in @CeloHQ. They're working to remove barriers for large-scale adoption of cryptocurrencies. Congrats to the team!”
The post is linked to Celo’s recent self-promotion on a Medium article.
The Medium article is meant to help consumers understand the inner workings of Celo and what they’ve changed since a single year ago. The main effort has been eliminating the challenges that come with cryptocurrency as a standard method of payment.
Celo thrives on “financial empowerment” products, which is why they’ve chosen now to use their platform, blockchain technology, and other tools to bring crypto to other populations.
Consumers should keep in mind that these barriers are not actually removed yet, though consumers will be able to use their Android smartphones to make payments when it is.
Right now, consumers can easily send tokens between devices, though their tokens have stability with specific fiat currencies to avoid any confusion. A social payment and money transfer app is the first one planned for launch, where consumers will have their digital wallet directly linked to their phone number.
The whole point of Celo’s progress is to help them work towards a global system that encourages participation from the public. They have a stable support from other investors and experts, which is further promoted by the announcement of their $6.5 million funding round.
Consumers can learn more about Celo at celo.org.