Celo Foundation grants $700K to 13 startups

On April 1, blockchain-based non-profit organization Celo Foundation has awarded worth US$700,000 [AU$1.1 million] to 13 startups through its grant funding.

This round of funding is a part of their grant program that is designed to support projects committed to “building a financial system that creates the conditions of prosperity for everyone.”

Celo Foundation announced that out of the 50 grant proposals that they received from 16 countries, they have chosen 13 startups that have shown the right qualities to drive and strengthen the foundation’s goals.

Who are the recipients?

According to the announcement, among the recipients of the grant were the following:

  • Beam & Go – a platform based in the Philippines aiming to prevent money misuse through the concept of digital gift cards.
  • eSolidar – an online charity platform allowing users to support their own advocacies through auctions, charity shops, volunteering, and donating.
  • LoveCrypto – a service-based platform in Brazil that lets users earn income from task assignments, contact information sharing, and product feedback.
  • Pay with Moon – a payments platform that promotes cryptocurrency adoption by accepting it as a means of payment and transfer.
  • SaldoMX – a payments platform that allows overseas bills payment.

Other blockchain-based startups that were chosen for the grant were:

  • Blockchain for Social Impact (BSIC) – an incubator that helps in the development of blockchain innovations anchored on the United Nation’s Sustainable Development Goals.
  • Chorus One – aimed at building the technology that improves legacy structures and a more accessible financial system.
  • Forbole – aimed at developing the Blockchain Fault Tolerance (BFT) staking system.
  • Gitcoin – an open-source community for developers to collaborate.
  • Stake.fish – a staking service provider for blockchain initiatives.
  • Figment – a provider of blockchain infrastructure and software tools for stake-based blockchains.
  • Gauntlet – a blockchain simulation and testing platform that allows developers to make blockchain protocols and smart contracts safer.
  • Chainsafe – designs scalable solutions for the web3 infrastructure.

Is this an ongoing initiative?

Celo Foundation’s funding rounds will continue in the coming months. For the projects that are interested to apply, they can submit their applications on the Celo website by May 19, 2020.

Back in March 2019, the Celo Foundation first launched a cryptocurrency project named the “Alliance for Prosperity” with 50 members backing. The Alliance’s aim is to be an open network for its own blockchain and cryptocurrency project.

“The Alliance for Prosperity gives us a fresh chance to build, interoperate, and secure new financial services applications,” according to Gigi Gatti of the Grameen Foundation, one of the founding partners for Celo.

Among these backers are companies who are also members of Facebook’s rivaling Libra Association:

  • Bison Trails Co.
  • Mercy Corps
  • Andreessen Horowitz
  • Coinbase
  • Anchorage
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