Celo, the blockchain-based ecosystem open source that allows anyone with a smartphone to do monetary operations, launches a stablecoin, i.e. a stable cryptocurrency, anchored to the euro: cEUR, Celo Euro.
The new stablecoin Celo Euro (cEUR) will be available on the platform in the coming weeks.
After the launch of Celo Dollar (cUSD) last year, this is the second important milestone in the development of the Celo ecosystem.
Even with cEUR, as well as with cUSD, users can transfer money faster, cheaper and easier on their smartphones, and the stablecoins of Celo are supported by multiple encryption assets in the Celo Reserve
The launch of Celo Euro allows smartphone users to send, receive and exchange stablecoin Celo reliably, using the blockchain Celo, and in seconds.
With Celo, you can read in a note, you can make low-cost peer-to-peer remittances between smartphone numbers, or include cash-in and cash-out operators in the process.
Celo users benefit from a high transaction speed with 5 seconds blocking times and very low transaction fees, less than 1 cent.
Having both stablecoin cEUR and cUSD also offers wider support, not only for developers interested in building on Celo, but also for mobile operators and other partner organisations that are trying to introduce innovative methods to the benefit of their customers using
cEUR changes the world of bank remittances
peer-to-peer remittance payments remain one of the sectors of financial services that generate friction and where costs are still high.
The stablecoin Celo can face this challenge as the blockchain-based storage is cheaper, faster and safer than the traditional storage.
In addition, stablecoins ensure that the transfer tracks the currency in fiat currency at the time of dispatch and receipt, thus mitigating the risk of volatility of the cryptocurrency.
cEUR also extends access to anyone worldwide who wants to make transactions in currencies anchored to the Euro. cEUR provides a stable digital resource for people facing inflation and prefers a Eurocentric alternative. cEUR is a reliable digital currency supported by
Stablecoin and blockchain
The ecosystem Celo is composed of a network of over 130 subjects, the Celo Alliance for Prosperity, a network of organizations that have joined to promote social impact and financial inclusion through the use of blockchain technology.
The Celo platform can be used by Alliance members to create an ecosystem of mobile applications, ranging from simpler money transfer programs and peer-to-peer loans, to international remittances and digital resources and portfolios.
The arrival of the new stablecoin Euro-fixed cEUR, which is added to the one anchored to the dollar, allows members of the Alliance to make even better use of the high speed, low cost and mobile-first nature of the Celo platform.
Those who want to develop on Celo can join the community of Celo Discord or visit the Celo GitHub.
Deutsche Telekom enters the blockchain of Celo
Deutsche Telekom enters the Celo asset by managing the infrastructure of the whole ecosystem. The subsidiary T-Systems MMS will operate as a validator using Open Telekom Cloud (OTC).
LMOTC meets security requirements and is in accordance with the European regulatory framework, and ensures the availability of secure financial services via smartphones worldwide.
Deutsche Telekom will also open its SMS API programming interface to enable validators to send verification messages using their service.
Deutsche Telekom’s participation in Celo will be carried out by the Telekom Innovation Pool (TIP).
TIP is Deutsche Telekom’s strategic investment fund and is assisted by Deutsche Telekom Capital Partners (DTCP).