Celo, a blockchain platform focused on mobile phones, has unveiled a $100 million fundraising campaign dubbed “DeFi for the People” to make DeFi available to the world’s 6 billion smartphone users.
Celo is collaborating with Ethereum-native protocols such as Aave, Curve, Sushi, PoolTogether, 0x, and UMA and Ethereum infrastructure providers such as Chainlink and RabbitHole The Graph.
The collaboration will invest up to $100 million in educational activities, grants, and incentives to raise awareness of decentralized finance worldwide.
Based on the Celo ecosystem, the effort saw a lack of inclusiveness and accessibility in traditional financial institutions and decided to leverage the decentralized characteristics of cryptocurrencies and blockchain to bring money to the world’s six billion mobile phone users.
Rene Reinsberg, the creator of Celo, spoke on the development, saying that the project seeks to increase accessibility and inclusion for the world’s unbanked people.
“Of the roughly 5 million people around the world currently using DeFi applications, less than 10% live outside of developed countries. Cost, technical knowledge and internet access shouldn’t stand in the way of this revolutionary technology. That’s why we’re spearheading DeFi for the People,”
According to Reinsberg, the program will make DeFi more accessible, put more tools in the hands of more people worldwide, and offer DeFi’s benefits to anybody with a smartphone. He went on to say that mobile is the key to bringing DeFi to the bulk of people who use their phones to access the internet.
The DeFi protocols have pledged a total of $100 million in initial investment, with intentions to contribute further cash in the future.
Celo, a smartphone-focused platform, now has over 1 million registered wallet addresses in 113 countries. PoolTogether, SushiSwap, Moola Market, Ubeswap, and Valora are the first products to integrate with the Celo platform, with more integrations planned in the following weeks and months.
PoolTogether will start as part of the program within the next several weeks, with a $500,000 prize pool. PoolTogether is an Ethereum blockchain-based “no-loss lottery.” People put their money into an interest-bearing investment product, with one winner receiving the profits and the rest receiving a refund.
Users that use the Aave lending protocol using Celo’s mobile application will be eligible for a $20 million token reward. In addition, sushi is prepared to channel up to $10 million in front of customers that utilize the Celo platform, while decentralized Curve exchange is prepared to provide $14 million in incentives as part of the initiative. Chainlink, The Graph, RabbitHole, and Wrapped.com are among the DeFi protocols that have promised to assist in transmitting education and materials.
According to Reinsberg, the objective is to introduce 1 billion people to decentralized finance in five years. He also stated that by launching this project now, they aim to make it a more industry-wide effort and that he believes it is complementary to other programs and initiatives they’ve seen.