Celo Raises $30 Million for Stablecoin-Based Smartphone Payment Plans

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Blockchain payments startup Celo has raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz, the Wall Street Journal (WSJ) reported on April 2.Celo, which is the trading name of A Protocol Inc., plans to use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones.Having raised $6.4 million in previous cash injections, the company is now conducting pilot-phase tests in Argentina.“We see big potential in letting people — directly on their smartphone — access basic financial services,” Rene Reinsberg, cofounder of Celo, told the WSJ. He added:“We are based on blockchain technology but for the average end user we try to abstract that away, to make the experience as easy as any other mobile app.”The allure of borderless payments without the need for banking credentials has long formed a preoccupation for cryptocurrency startups. Several years ago, offerings such as BitPesa…

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