Mobile-focused blockchain payments startup Celo has raised $ 20 million from Andreesen Horowitz (a16z), Greenfield One, and Electric Capital.
According to a press release on Wednesday, the funding will be used to expand the offering.
Celo is an Ethereum-based proof-of-stake blockchain that supports stable coins and token assets while also using cell phone numbers to secure a user’s public keys.
To date, the startup has raised more than $ 65 million from high profile industry supporters including Polychain Capital, Reid Hoffman, Jack Dorsey, and Coinbase Ventures.
“We now have the technology to create a better financial system, a comprehensive ecology of digital assets and products that individuals and organizations can use to … unite and manage risk,” said Celo co-founder Rene Reinsberg.
Since Celo’s first development in 2017, the project has launched a mainnet, a native token (CELO), a stablecoin (cUSD) and an app for mobile payments and is listed on major exchanges such as Coinbase and Binance.
