Price of Celo (CELO) today
As of the latest data, Celo (CELO) is currently priced at $0.8028 with a market capitalization of $443.26M. The 24-hour trading volume stands at $25.37M, The circulating supply of Celo is approximately 533.82M. The cryptocurrency has seen a -0.95% decrease in value over the past 24 hours.
About Celo (CELO)
Celo is an open-source platform designed to provide financial services to anyone with a smartphone, regardless of their location. Launched in 2017, Celo's mainnet went live in 2020, with a focus on mobile accessibility due to the rapid growth of smartphone users compared to blockchain users. The project's name, derived from Esperanto meaning "purpose," emphasizes global connectivity, particularly in developing countries like Kenya, Tanzania, and Argentina.
The platform offers two testnets, Alfajores and Baklava, for developers and node operators to build and test applications. Celo's unique approach combines protocol development with a consumer wallet, enabling users to send cryptocurrency using just a phone number. Valora, the peer-to-peer payments app on Celo, allows users to send money like a text message, without the need for banks or intermediaries, with a low transfer fee of 1 cent per transaction.
CELO, the platform's utility and governance token, supports various use cases such as voting, governance participation, supporting applications, and transaction payments. With a maximum supply of 1 billion coins, CELO was initially launched as Celo Gold before being rebranded to CELO in 2020. The platform also features Celo Dollar (cUSD), a stablecoin pegged to the US Dollar, with plans to introduce stablecoins pegged to other fiat currencies like Euros and Pesos. Staking CELO on CoinList offers an expected annual return of nearly 6%.
Celo prioritizes security through Address Based Encryption, ensuring secure messaging using phone numbers or email addresses. The project has undergone multiple security audits, including one by MultiSig in 2020. Founded by a team with diverse backgrounds, including individuals from MIT Media Lab, Celo aims to provide inclusive financial services globally. With over 100 employees, Celo continues to expand its platform and offerings to empower users worldwide.
How does Celo work?
Celo is a decentralized blockchain platform that enables peer-to-peer transactions and financial services without the need for intermediaries. It utilizes a proof-of-stake consensus mechanism to validate transactions and secure the network, allowing users to send and receive digital assets quickly and securely. Celo's underlying blockchain technology supports smart contracts, enabling the creation of decentralized applications and programmable money. One of its unique features is the use of stablecoins pegged to various fiat currencies, providing stability and predictability for users. Celo's platform is designed to be inclusive and accessible, with a focus on financial inclusion for underserved communities around the world. Its use cases range from remittances and micropayments to decentralized finance (DeFi) applications and mobile payments, offering a versatile and efficient alternative to traditional financial systems.
How to keep your Celo (CELO) safe?
To keep your Celo (CELO) safe, consider using hardware wallets such as Ledger for enhanced security. These wallets store your private keys offline, making them less vulnerable to hacking. Additionally, trusted platforms like Binance offer secure storage options and two-factor authentication to further protect your assets. By utilizing these advanced security measures, you can safeguard your Celo holdings from potential threats and ensure peace of mind.
