Some more great cryptocurrency investment news – A16z and Polychain Capital have reportedly invested $25 million in a cryptocurrency-backed payment company, Celo. The news comes after the Securities and Exchange Commission’s revised laws towards regulations against cryptocurrency investments.
A16z and Polychain Capital bought $15 million and $10 million worth of CeLo Gold tokens, respectively, as per the official announcement by the company. The company also announced other investments and purchases made by various institutions spanning the globe.
A Look at Celo
Celo is a first of its kind mobile-based money transferring platform. It was designed with the sole purpose of making cash transfer easy and accessible to everyone. Celo makes use of an identity system based on a users’ personal phone number with added address based encryption. Users can therefore directly transfer funds to phone numbers. Celo offers its own stablecoin, the Celo Dollar, pegged with the U.S. dollar.
The company recently went international with its mobile wallet app launching its beta version in Argentina and Tanzania with its public test net slated to come out this summer.
Celo has been in the news lately following the appointment of Chuck Kimble as the head of strategic partnership in February. Chuck formally headed the financial institution partnerships at Circle. In September 2019, the company appointed Brynly Llyr as the general counsel. Brynly formerly worked at Ripple as the company’s general counsel. Celo is rising steadily with exponential growth in the company’s contributors around the globe. The team currently is comprised of 40 contributors worldwide with notable financial companies namely the World Bank Group, PayPal, Morgan Stanley, social organizations like the United Nations, social media giants like WhatsApp and Google, and tech companies including Apple and Microsoft. Celo also has its specific contributors in the academic arena with added expertise from MIT, Stanford, Harvard, and Berkeley.