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Cryptocurrency News Articles
CELO Surges 25% as Vitalik Buterin Praises Project's Stablecoin Growth in Africa
Sep 25, 2024 at 08:21 pm
CELO, the native utility token of the Celo platform, surged around 25% to $0.68 after Vitalik Buterin, the Ethereum co-founder, praised the project's recent achievement in terms of daily active stablecoin addresses, data from CoinMarketCap shows.
CELO, the native utility token of the Celo platform, saw a significant surge of around 25% to reach $0.68 after Vitalik Buterin, the co-founder of Ethereum, praised the project’s recent achievement in terms of daily active stablecoin addresses, according to data from CoinMarketCap.
A recent report from Artemis, a data science layer for blockchains, highlights Celo’s impressive growth in stablecoin usage. This growth is attributed to several factors, including increased adoption of apps, a growing stablecoin supply, and strong demand in regions like Africa.
"@Celo recently passed @trondao in daily active addresses for stablecoin usage.
-What's behind this meteoric rise?-Is Africa undergoing a stablecoin breakout?
A 🧵 pic.twitter.com/6Xn8CF6DfO"
— Artemis (@artemis__xyz) September 16, 2024
Artemis points out that the rising number of users for apps like Minipay and Valora has contributed to this growth. Minipay is a stablecoin-powered non-custodial wallet built on the Celo blockchain, while Valora is a Celo-based digital wallet that supports multiple currencies like CELO, Celo Dollar (cUSD), and Celo Euro (cEUR).
Minipay has expanded its reach to several African countries, including Nigeria, Kenya, Ghana, and South Africa. According to Artemis, the stablecoin adoption on Celo is likely to push Kenya and South Africa back into the top 10 in crypto adoption rankings in 2025.
Buterin commented on Artemis’ report, expressing his amazement at Celo's progress in improving access to basic payments and global finance, which he sees as a key way that Ethereum can positively impact the world.
"This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction."
He also pointed to Celo’s recent discussion about its transition to becoming an Ethereum layer 2 network and its alignment with Ethereum’s cultural values.
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