In the latest release of Edge, we’ve added support for Celo (CELO), as well as default support for two Celo stablecoin tokens: cUSD and cEUR.*
Integration of the CELO token in Edge marks support for a network that is explicitly targeting a share of the global payments market, with a specific focus on mobile applications.
What is CELO?
CELO is the native cryptocurrency of the eponymous blockchain protocol, designed to support stablecoins and tokenized assets with an algorithmic reserve-backed stability mechanism.
CELO has a capped supply of 1 billion tokens, of which 600 million were available when the network’s mainnet launched in April 2020.
The remaining 40% of the CELO supply is anticipated to be released gradually via fees and rewards, dependent upon onchain governance and foundation grants, with the ultimate goal of optimizing for long-term sustainability of the network.
With liquidity on major crypto exchanges such as Binance, Coinbase, and OKX (formerly known as OKex), CELO is among the top 100 largest crypto assets by market cap.
What is the Celo network?
As described by the team behind the project, Celo is a “fully EVM compatible Proof-of-Stake (PoS) Layer-1 protocol” that makes financial tools accessible to anyone with a mobile phone.
Celo’s consensus algorithm is based on the Istanbul implementation of the Byzantine Fault Tolerant (BFT) protocol and is performed by nodes that are selected as validators.
There is a maximum cap on the number of active validators, currently set at 110, that can be changed by governance proposals. The active validator set is determined via the governance process and is updated at the end of each epoch, which is a fixed period of approximately one day.
Celo’s phone verification protocol makes it possible to easily send, receive, and earn crypto from mobile phones. Transactions between users can be performed without the need to use cumbersome alphanumeric wallet addresses and can instead be done using phone numbers.
In addition to its native token, Celo has three stablecoins: Celo U.S. Dollar (cUSD), Celo Euro (cEUR), and the recently added Celo Real (cREAL) focused on the Brazilian market, of which Edge has launched support for the first two.
All of these stablecoins are minted into existence on Mento, the stability protocol built on top of Celo, and backed by multiple digital assets in the Celo Reserve, such as Bitcoin (BTC), Ethereum (ETH), DAI, and CELO.
Who is behind the Celo network?
Based out of the San Francisco Bay Area, Celo was founded by a team of experts with backgrounds in some of the world’s top institutions for finance and technology, including Stanford, MIT, Google (Alphabet), Visa, Bank of America, and the US Department of Justice, among others.
To date, Celo has raised $66.5 million in funding, with some notable investors including the likes of Andreesen Horowitz (a16z), Polychain Capital, DTCP, Coinbase Ventures, and Deutsche Telekom, as well as individual backers such as former CEO of Twitter, Jack Dorsey, and prominent tech entrepreneur, Reid Hoffman.
The Celo network is also marketed as “the world’s first carbon-neutral blockchain,” which means that the platform is advancing its mission to create a digital currency that not only facilitates economic transactions, but also protects natural resources and the environment.
To that end, the Climate Collective, a community driven effort to fight climate change by tokenizing rainforests and other carbon sequestering assets, was launched in October 2021, following the May 2021 passing of an onchain governance proposal to allocate 0.5% of the Celo Reserve to MC02 tokens. MC02 is the carbon credit asset underpinning MOSS, the environmental platform providing carbon credit transactions to anyone who wants to offset their emissions.
Create your CELO wallet in a matter of seconds
Creating your CELO wallet in Edge is only a couple of taps away:
1. On the Wallets screen in Edge, tap “Add Wallet” and choose CELO as your wallet type
2. Specify the fiat currency denomination and name your wallet
3. Confirm details, and your wallet is created
4. To add cUSD and cEUR, tap and hold on your CELO wallet and select Add/Edit Tokens
5. Enable cUSD and cEUR, tap Save, and agree to the terms
Want to be part of the Celo network? Try Edge today!
With seamless wallet creation and readily available exchange integrations, all inside of an easy to use self-custody application, Edge has now introduced another way to, buy, sell, and trade Celo, cUSD, and cEUR.
Edge was designed to be easy enough for the everyday user, while including functionality even advanced enthusiasts appreciate. We’re excited to be supporting the Celo ecosystem as the network is expanding at a fast rate, with strong investment from prominent groups in Silicon Valley and beyond.
For those interested in using the Celo protocol in Edge, click here. To stay up to date with Edge company announcements and the latest developments in the crypto space, be sure to sign up for our newsletter below.
*available on Android today, iOS within 48 hours