Celo was founded in 2017 by GoDaddy executives Rene Reinsburg and Marek Olszewski and MIT professor Sep Kamyar. Celo provides global payment infrastructure services for cryptocurrencies to mobile users. Celo aims to make digital assets, both cryptographic and central bank digital currencies (CBDCs), available independently across devices, operators, and countries. Thus, money can become more mobile, global, and accessible than ever before. Celo also aims to support the creation of decentralized applications (DApps) and smart contracts. Using the features of decentralized finance (DeFi), Celo acts as a bridge between these two technologies.
CELO is up 11.83% in the last 24 hours. cLabs, the organization behind Celo, has proposed moving the network to Ethereum Layer 2. If the proposal is accepted, the team would like to use OP Stack, a modular tool offered by Optimism, to facilitate this transition and determine the chain’s requirements. With this proposal, cLabs aims to increase security by taking advantage of Ethereum and design a new architecture with the low transaction fees brought by the Celo infrastructure. This development may have been instrumental in the rise of CELO.
