The Celo project offering crypto payment solutions has reportedly received backing by the crypto fund a16z Crypto and Polychain Capital.
According to the press release unveiled by Celo Tuesday, the company held this funding round was led by a16z Crypto and Polychain Capital which invested $25 million in total ($15 million and $10 million respectively).
"Today we are announcing that a16z crypto has purchased $15 million USD of Celo Gold and Polychain Capital has purchased $10 million USD of Celo Gold, alongside additional Celo Gold purchases from several other leading institutions...," wrote the company in the report.
Celo represents a decentralized PoS protocol that is said to be "mobile-friendly, ultralight" and is designed to offer secure sending of cryptocurrencies. The company has also developed Celo Gold and Celo Dollar (US dollar pegged stable coin). At the same time, the latter is backed by the reserve of the former as well as other crypto assets. Apart from the tokens, the project is also creating its own wallet striving to allow people crypto transfers via mobile phones.
"We strongly believe that anyone, regardless of their location or socioeconomic status, should have access to basic financial tools for storing and transmitting currency...," commented Celo's representative.
It should be mentioned that Celo launched trials of its wallet app in Argentina last December. The protocol performed verifications of the individuals that receive/send small payments.
According to the company, the public testnet is expected to be launched in summer.