The Celo Foundation Gives Away $1 Million To Blockchain Companies

The Celo foundation gives away $1 million to blockchain companies including MIT, IDEO Colab Ventures and McCafi as a part of the goal to create a more positive economic future so let’s find out more in the latest blockchain news today.

The Celo foundation gives away $1 million worth of fundings for blockchain companies and organizations and the applications recently rose by 400%. The foundation announced to be awarded several companies that contribute to the Celo ecosystem and the purpose is to create a financial ecosystem that creates prosperity. One of the ways this can be achieved is by granting funds to companies that share the platform’s outlook. Funding awards are used to promote these causes so the demand is booming. This finance round produced 174 applications compared to the 40% last time:

 “Submissions were received from teams worldwide in more than 50 different countries.”

175+ applications, 50 countries, $1M+ in value awarded.

Another wave of funding for more projects, teams, and collaborations in the Celo ecosystem! ✨

Read more here: https://t.co/OelehxlJKf#CeloGrants #CeloFoundation

— Celo (@CeloOrg) August 25, 2020

To cover this funding period, the foundation organized two separate waves of funding. The first wave started with the foundation announcing that Blockdaemon onboarded the Frankfurt School to the Academia validator group which means that the group will be ready to validate blocks on the network. Chorus one will also support Celo on anthem which is a tool that users use to stake and manage rewards as well as partake in the governance of the proof of stake network.

The second wave will see the Celo Foundation collaborating with MIT Delta V which is an educational accelerator for student entrepreneurs at MIT and the programs include opportunities for students with ideas for new startups. Celo is also working with IDEO CoLab ventures in order to provide more educational initiatives for young entrepreneurs. The platform will support MoCafi as well, which is a banking platform that is focused on helping minority communities.

Last year, the platform raised $30 million from the well-known crypto investors Polychain Capital and Andreessen Horowitz. In the long run, Celo aims to build additional services on top of its platform. The two custom-built tokens will separate – one will function as a transaction verification tool while the other will be a US dollar-backed stablecoin. The stablecoin, which is dubbed Celo Dollar, should end up as a native cryptocurrency for users who want to send payments to each other.