Celo to Integrate Colombian Peso into Its Blockchain Ecosystem
ETH
CELO
2024
2024
UTED
- Celo partners with Minteo to launch COPM, a stablecoin tied to the Colombian Peso, enhancing financial inclusion.
- Over 200,000 holders now use COPM, with monthly trading volumes exceeding $400,000 on the Celo network.
The open-source blockchain Celo has announced a strategic partnership with the Latin American startup Minteo to launch the Colombian Peso-backed stablecoin, COPM, on its network.
This initiative marks COPM as the thirteenth native stablecoin within the Celo ecosystem, signifying a significant expansion in its offerings and reinforcing the growing acceptance of stablecoins in regions like Colombia.
Another day, another stablecoin! Welcome to the ecosystem, @minteocom
Through the integration, leading LatAm stablecoin issuers Minteo, deploys the 1:1 asset-backed Colombian Peso stablecoin (COPM) on Celo, the 13th native stablecoin
Keep reading to learn more↓ pic.twitter.com/GohPUDXYcj
— Celo
(@Celo) November 21, 2024
This collaboration aims to bolster the use of local stable currencies, enhancing financial inclusiveness and enabling seamless crypto-to-fiat liquidity for users across Latin America. The integration is particularly timely, as COPM already boasts 200,000 holders and over $400,000 in monthly trading volume.
5/ Crypto is useless*…
*Unless you try wiring $100 to your family overseas & watch $20 disappear in fees
*Unless you live with hyperinflation, and watch your money lose value daily
*Unless you run a small business where cash is the only payment you can rely on— Celo
Moreover, the stablecoin is backed by local fiat deposits, redeemable on a 1:1 basis, and subjected to monthly audits, ensuring transparency and trust in its operations.
We are happy to announce that we are officially part of the Celo ecosystem. Together we intend to accelerate the adoption of local currency stablecoin adoption and usage. https://t.co/TlhE3YBBz3
— minteo (@minteocom) November 21, 2024
Celo’s network will facilitate easier liquidation of cryptocurrencies in Colombia and the United States, allowing users to switch effortlessly between fiat and digital currencies. This feature is poised to improve financial infrastructure and inclusion, making digital currencies more accessible to a broader audience in Latin America.
The role of stablecoins is increasingly viewed as crucial in bridging the gap between traditional finance and digital currencies. They offer a stable medium of exchange in regions plagued by inflation and currency volatility, providing a safeguard for savings and transactions in the digital economy.
With an estimated 1.4 billion adults worldwide lacking access to banking services and high global wealth inequality, stablecoins like COPM represent a vital tool for financial empowerment.
As adoption grows, Minteo plans to introduce additional local currencies to the blockchain, including the Mexican Peso, Chilean Peso, and Peruvian Sol, further expanding the utility and reach of the Celo network. This move is expected to foster a more inclusive and robust digital economy across Latin America.
“Transfer sizes across all segments are growing, indicating that it’s not like addresses are saturating the network by performing very small transactions. The stablecoin supply on Celo has also grown significantly over the past year.”
Moreover, the Celo ecosystem continues to evolve. Following a proposal last year to transition to a Layer 2 protocol for Ethereum using Optimism’s OP stack, Celo has been focusing on enhancing security, real-world applications, and developer experience within the Ethereum ecosystem.
Celo (CELO) is currently trading at $0.7894 USD, with a daily decline of 0.60%. Although the price remains relatively stable, it reflects the broader consolidation trend seen across altcoin markets. The all-time high for CELO was $5.9453 USD, meaning the current price represents a significant discount from its peak.
Key Insights:
Market Position: CELO has been fluctuating within a tight range, testing support levels near $0.75 USD while resistance lies around $0.85 USD. A breakout above resistance could signal bullish momentum.
The post Celo to Integrate Colombian Peso into Its Blockchain Ecosystem appeared first on ETHNews.
