In this article, we will understand all about the Celo token and its network.
Celo is a blockchain platform centered on integrating smartphone users into the world of cryptocurrency by the features and properties which the platform offers.
The Celo platform is making this special move simply by adopting mobile phone numbers as the public for transactions This will increase the number of smartphone users making use of the platform.
Integrating itself into the DeFi network is also one of the goals of the Celo Network as it encourages t the creation of Decentralized Applications (DApps) and other smart contracts. It’s important to understand that its network was launched in the year 2020.
There are two tokens associated with the Celo platform and this includes:
- The Celo Token is a proof-of-stake coin used for various cryptocurrency transactions and services.
- The Celo Dollar (CUSD) is a form of a stable coin from the network, with high plans in place to even produce more stable tokens.
Number of Celo Token in Circulation
The Celo token and the Celo Dollar CUSD have supporting functions on the Celo platform as both complements each other on the platform.
There are a total of 1 Billion Celo tokens out on circulation, where 600 Million of these tokens were released for investors to buy into when the Celo network was launched in the year 2020.
The other remaining 400 Million of the cello token has been placed to be released gradually as time goes on through rewards, and other means depending on how first investors invested in the token.
There are also another separate 120 Million Celo tokens that will be kept for reserve, this is simply to maintain stability and the validity of the CUSD token.
The CUSD token can be a means of transaction and exchange and can be held by investors with a positive because investors and users won’t have to worry about fluctuation in their CUSD token as this is a stable token.
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Celo Token Founders
The Celo platform was started by various companies and universities including Google, Twitter,
Square, Circle, Visa, Bank of America, Gates Foundation, Stanford, Harvard University, MIT, Cambridge University, and a few others.
Other private organizations also support the Celo platform course this includes the Celo Foundation a non-profit organization fully supporting the Celo Platform and others like the Celo Alliance for Prosperity aimed at helping the Celo platform progress even more diverse fields.
Where to Buy the Celo Token?
The Celo token can be purchased on various exchanges and trading platforms using the ERC-20 network. Some of these exchanges include CoinBase Pro and Bittrex.
Though the Celo token cannot be purchased with fiat directly on these trading platforms, the token can still be purchased through buying bitcoin and swapping the bitcoin for the Celo cryptocurrency.
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Celo Token Contract Address
The Celo Token is a fast-rising token in the market and has risen even more on rankings and value at the time of writing this post. This makes the Celo token worthy of investors’ attention.
As at the time of writing this post, the Celo token is $5.923 on CoinMarketCap and its contract is – 0x471ece3750da237f93b8e339c536989b8978a438
Is the Celo Platform a Good One and What Is the Price Prediction?
The Celo platform is very essential in the crypto front in the world today because of its ability to involve smartphone users as much as possible, making it have a universal application seeing as there are many people in the world today using smartphones.
The platform is directly aimed at making sure that places around the world with high use of smartphones and low access to traditional banking services make use of their services.
With these unique features which also include the creation of DApps – DeFi Applications thereby improving the DeFi network, the price of the Celo token in the crypto market tends to have a high potential to increase over the years.