New WSJ Report: Celo Blockchain Startup Says Hello to $30 Million in Funding Led by A16z, Polychain

The cryptocurrency startup Celo has received $30 million in funding according to a report released by WSJ. The funding round was led by Andreessen Horowitz’s A16z Crypto and also Polychain. This is the second time that the firm is able to raise several millions of dollars. In the past, Celo raised $6.4 million.

Celo Raises $30 Million In Funding Round

The open-source platform Celo is currently working in order to release two cryptocurrencies, Celo Gold and the Celo Dollar. The Cello dollar will be backed by digital assets and Celo Gold. The firm is also working on a user-friendly wallet that allows people to transfer and receive virtual currencies.

The wallet aims at providing an easy way for users to deal with their digital currencies using their smartphones and mobile phones. Users will be able to send Celo Dollar to individuals that do not have the application as well. Indeed, it would be possible to use only the individual’s phone number.

It is worth mentioning that those users that receive the payment using their mobile phones will have to download the application in order to access the payment. Although the company aims at reaching different markets around the world, at the moment they are focusing on countries such as Kenya, Tanzania, and Argentina. These countries have a large penetration of mobile phones but they also have a low number of individuals using banking services.

Rene Reinsberg, the co-founder of Celo, commented about it:

“We see big potential in letting people – directly on their smartphone – access basic financial services. We are based on blockchain technology but for the average and user we try to abstract that away, to make the experience as easy as any other mobile app.”

The wallet can now be downloaded on Android devices. Nonetheless, in the future, it might be available for iOS devices as well.

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