Crypto Exchange OKCoin Adds Support For Stablecoin Celo Dollars

Crypto Exchange OKCoin Adds Support For Stablecoin Celo Dollars

August 19, 2020

Crypto exchange OKCoin has announced that it is the first exchange to list Celo Dollars (cUSD), a stablecoin built for payments on the Celo network.

Founded in 2018, Celo is a decentralized Proof-of-Stake (PoS) protocol that allows anyone to securely send stable-value digital assets to any phone number, anywhere. By making Celo open platform and open source, the startup aims to enable an ecosystem of powerful applications using the platform, including easier cash transfer programs, peer-to-peer lending, collaborative small-scale insurance, and other digital assets and wallets. The three layers of the Celo tech system are the Celo Blockchain, Celo Core Contracts, and Application. Layers one and two make up what is called the Celo Protocol.

Celo’s cUSD token provide a globally accessible stable-value asset for use within the Celo network. With cUSD, users can share money faster, cheaper, and more easily on your mobile phone. cUSD has a sophisticated reserve structure. The asset is pegged to the US dollar and backed 50% by cryptocurrencies including BTC and ETH, and backed 50% by the CELO token, the network’s native digital token. As such, cUSD is unique because it’s an on-chain, crypto-backed seigniorage style asset.

OKCoin said that the Celo listing will enable traders and investors with an easy way to get in and out of crypto and local currency positions.

“cUSD brings added utility, allowing users across the world to send and receive mobile payments on the Celo network using an address-based encryption scheme,” OKCoin said. “The Celo network has the potential to provide financial services for every mobile phone holder in the world. To achieve this, Celo requires liquid markets like OKCoin that provide price discovery for the protocol’s stability mechanism.”

The news came after OKCoin announced that they joined the Celo Alliance, providing Alliance members with a trustworthy exchange for buying and selling cUSD and bringing robust liquidity to the Celo platform. The Alliance includes 100 members including organizations like MoonPay, Wyre, Mercy Corps, and the Grameen Foundation, who each contribute to the Celo mission of advancing global financial inclusion by supporting cUSD mobile payments.

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