By
Temitope Olatunji
April 18th, 2024
Through the partnership, Celo joins ConsenSys’ Ethereum Scalability Partners program and the newly announced Ethereum Climate Platform at COP27.
ConsenSys, a blockchain technology company that significantly contributed to the Ethereum Merge, has announced a strategic partnership with Celo network to push global adoption of Web3 to the next level. Following the partnership, decentralized financial ecosystem developers can use Infura’s trusted and complementary tooling to communicate with the Celo chain.
The native token for the Celo blockchain, CELO coin, has surged nearly 10 percent in the past 24 hours to trade around $0.468 at reporting time. The CELO token price bump came when the crypto market shrunk significantly in the past few weeks due to the FTX fallout. Moreover, the total crypto market capitalization has dropped approximately 2 percent in the past 24 hours.
“This partnership supports the Celo ecosystem’s mission by providing reliable, easy-to-use tooling for developers to build and scale their dapps on the Celo blockchain,” said Xochitl Cazador, Celo’s head of ecosystem growth. “We are one step closer to mainstream adoption of web3 and realizing its full potential to transform lives by regenerating global ecologies and empowering local economies.”
Through the partnership, Celo joins ConsenSys’ Ethereum Scalability Partners program and the newly announced Ethereum Climate Platform at COP27. Notably, Celo will be joining other companies, including Allinfra, Aave, Climate Collective, Gitcoin, Microsoft, and Gold Standard, in scaling climate financial projects.
Today, @infura_io announces a multi-faceted partnership with @CeloOrg to drive real-world adoption and use cases, making it easier to transact on the blockchain💫 🎉
Read more about it here: https://t.co/LSX9gH7wFQ
— ConsenSys (@ConsenSys) November 21, 2022
Most cryptocurrency companies have prioritized the adoption of Web3 in search of more global markets. Moreover, decentralized applications that provide real-world utility have shown more resilience during the ongoing bear market.
Further Notes on Celo and Consensys’ Partnership
The Celo network has developed key features that attract developers to its ecosystem. For instance, the Celo network offers native support for paying transaction fees with ERC-20 tokens, including Mento stablecoins cUSD, cEUR, and cREAL. Additionally, the Celo network uses the customers’ phone numbers to onboard seamlessly. Most importantly, the Celo network leverages the zk-SNARK technology for scaling on multi chains.
As a proof-of-stake secured network, Celo provides a carbon-negative infrastructure that is fully scalable to different chains. As a result, developers are assured of a secure online network with regulators’ mission for the global climate. Furthermore, transaction fees are almost negligible at an average of $0.001.
The partnership with Consensys is expected to help their products, including MetaMask, access more Web3 users. Notably, MetaMask takes pride in over 30 million monthly active users.
Moreover, Consensys serves millions of customers and supports billions of dollars on its platforms. Key institutions, including Microsoft, AWS, and WWF, trust the blockchain company.