Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
CLabs, the organization behind developing the Celo ecosystem, said Friday it will be working with eCurrency, the technology provider that enables central banks to issue digital currencies (CBDC).
Through the partnership, central banks that are trialing or launching CBDCs will be able to use the Celo blockchain to allow end users access to decentralized finance (DeFi) products, according to a press release.
The Celo blockchain allows native and non-native digital assets (cryptographic and CBDCs) to circulate freely across devices, carriers and countries, according to the Celo website. The blockchain uses phone numbers for public keys and issues a native stable-value token.
ECurrency enables central banks to mint and issue CBDC instruments to financial intermediaries in compliance with existing legal frameworks. In 2021, eCurrency worked with the Bank of Jamaica on the pilot of the Jamaican CBDC (the Jam-Dex). The Ireland-based firm uses digital symmetric cryptography technology for central banks to issue and distribute CBDCs securely and efficiently, according to its website.
“After seeing how Celo has opened new opportunities for end users, such as access to loans and savings, it’s only natural that cLabs extend the use case to CBDCs,” said Tim Moreton, chief executive of cLabs, in the release.
The Celo Foundation announced “Connect the World,” at its conference earlier in the week in Barcelona, a $20 million campaign to incentivize the development of high-quality Celo on- and off-ramps worldwide.
The Festival for the Decentralized World
Thursday – Sunday, June 9-12, 2022
Austin, Texas
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Sign up for Market Wrap, our daily newsletter explaining what happened today in crypto markets – and why.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
