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Libra Challenger Celo Awards $700,000 In Development Grants to 13 Startups

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  • Celo Foundation has announced a list of recipients of its inaugural development grant.
  • $700,000 in funding to 13 startups to help foster the development of Celo

Through a Medium post, Celo announced that it had already disbursed $700,000 in grants to approximately 13 divergent firms that are developing different projects on the Celo network, contributing towards the development of the platform or enhancing the Celo community.

According to the press statement, the Celo Foundation has so far received above 50 grants proposals from various teams in about 16 countries. The foundation is still accepting grant proposals up to May 19.

The press release explained that the first batch of grant recipients was chosen as they offer substantial building blocks that are important at the nascent stage of the project. The statement stated:

“The recipients selected provide building blocks to help strengthen the Celo protocol, provide more access to the financially underserved, and develop programs to help educate and nurture the Celo community.”

some of the major recipients of the grant comprise of eSolidar which is a marketplace platform, Beam & Co from the Philippines dealing with virtual gift cards, LoveCrypto from Brazil- a crypto-based platform dealing with small paid tasks, SaldoMX- a bill remittance platform as well as Pay with Mon- a payment platform.

Another notable recipient of the Celo grant is Blockchain for Social Impact Coalition which is a not-for-profit firm that incubates Ethereum as well as other blockchain-based solutions that deal with the UN Sustainable Development Goals.

Chainsafe, Chorus One, Gitcoin, Gauntlet, Forbole, Stake.fish and Figment also benefited from the grant to build blocks that will strengthen as well as scale the Celo platform.

The grant program was announced in December last year urging designers, developers, doers as well as dreamers who are interested in developing an open financial system to tender their applications.

Some of the Celo foundation founding members are also members of the Libra Association. They include Bison Trails, Anchorage Mercy Corps, Andreessen Horowitz, and Coinbase Ventures, according to our previous report.

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