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Crypto of the Day: Celo (CELO). See Why

·3 min read

Celo is a blockchain aimed to bring crypto right to your phone with its user-friendly experience. Many people have smartphones and lots of those people use applications like Venmo and Cash App as their digital wallets to easily send money to friends and other users. But these applications are centralized organizations that have a lot of power over your account and transaction limitations.

The benefit of using these applications is that they are super simple. Venmo, for instance, can quickly be set up without even connecting it to your bank account before being able to use it. In many ways, Celo is trying to satisfy the same market while bringing all of the advantages of cryptocurrency to the average smartphone user.

What is Celo?

Celo uses your phone number as your wallet's public key to make it easy to send money to your phone’s contacts. There are billions of smartphone users worldwide, but only a small portion of these people use crypto.

In many countries, banking and personal finance opportunities are unreliable or even nonexistent. Celo is a blockchain that hosts smart contracts and decentralized applications that allow its users to access the possibilities of decentralized finance (DeFi) and trustless transactions.

The platform uses the native token CELO for network gas power fees and Celo governing protocol votes. One of Celo's earlier proposals voted into effect was carbon offsetting to make its proof-of-stake network the first carbon-neutral blockchains.

Celo (CELO) is Up 25% in 24 Hours

The price of the native token CELO is directly correlated with Celo’s stablecoin CUSD. The price of CUSD is balanced with the price of CELO to keep this stable coin at $1 USD. The balance means the number of Celo users and transactions will move the price of CELO up as more people start to use the platform.

Until the beginning of 2021, CELO’s price generally stayed around $1.70 except for a quick spike in price late that august, where it jumped to around $4 before going back down. In 2021, it's seen more dramatic price swings as it has started to pick up new users. This project has a team of extremely reputable developers and only has a market cap of $700 million. It may have room to grow as these recent price swings show an increase in activity on the network.

Why is CELO Moving?

CELO has recently dropped in price significantly, but this correction can be seen as a healthy reaccumulation phase. However, Celo recently became the 1st integrated stable coin for the Opera browser. This new connection is a big step for Celo as it slowly starts its journey to becoming an easily accessible coin for the general public. Opera is a relatively small browser, but still has more than 380 million users worldwide who might start to use Celo.

Where to Buy Celo

Celo is a trustworthy token that’s gaining popularity, so it can be found on many big exchanges. Coinbase and Binance are two of the more popular exchanges that let you hold, trade and stake CELO.

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