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Celo Raises $30 Million for Stablecoin-Based Smartphone Payment Plans

Celo plans to use a dedicated USD-backed stablecoin to provide unbanked consumers with payment options. Blockchain payments startup Celo has raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz, the Wall Street Journal (WSJ) reported on April 2.Celo, which is the trading name of A Protocol Inc., plans to use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones.Having raised $6.4 million in previous cash injections, the company is now conducting pilot-phase tests in Argentina.“We see big potential in letting people — directly on their smartphone — access basic financial services,” Rene Reinsberg, cofounder of Celo, told the WSJ.…