C Labs, a team behind Celo project, is combining the ethereum and Libra models with a $30 million war chest from the likes of Polychain Capital, an American venture capital firm that manages a Crypto Hedge fund that invest in blockchain technology, and Andreesen Horowitz, a private American venture capital firm. The Celo mobile app is bringing stable payments and remittances to the unbanked and coming with a challenge and opening a new door to the blockchain technology and crypto. In the best case, Celo is Whatsapp for money.
To concretize their intention, C Labs enlisted the LibraCamp to launch a CeloCamp incubator and the eight-week program beginning in April will match up to 30 teams with mentors. According to their thought, they are taking CeloCamp as a way to examine the curriculum and they are highly intent to make the technology more accessible. Reportedly, five teams will earn prizes from C Labs. CeloCamp will reportedly follow the model established by the Israel-based LibraCamp incubator. LibraCamp had intention to build products and services that leveraged Facebook’s open source Libra project. Dighton Mason said that they are sharing their Libra library and documentary for everyone wants to learn and they are already connected with the relevant parties who are interested in Libra.
But reportedly, none of the teams raised funds related to their work in the bootcamp yet. But whatever, participants are expected to make financial products and services that help Celo find a use case. Those teams will have support from C Labs throughout the incubator. According to plan, C Labs will operate a token sale in 2020.
Reportedly, there is an auction that will run on CoinList for non U.S. purchasers. Stewards of the Cosmo project, an isolated foundation will allocate funds to C Labs to develop Celo. But a feud is running among the leaders of ecosystem and on the other hand some projects funded by token sales are shutting down. But it is also believed that any untoward situation can lead to the company’s closure. On the other hand, ethereum is also going through some technical shortcomings which need blockchain solutions from central banks leaving some startups like C Labs are exploring whether this approach can be replicated.
C Labs has operated some most extensive field research in emerging markets. Reportedly, Celo will complement ethereum’s broader movement. They made a built-identity layer that maps phone numbers to wallets making it really easy to send payments to a phone number and that number can be used in the context of peer-to-peer lending. The team is highly focused on building a verily open and permissionless platform.