Mobile-focused blockchain payments startup Celo has raised $20 million from the likes of Andreessen Horowitz (a16z), Greenfield One and Electric Capital.
According to a press release on Wednesday, the funding will go towards fleshing out its suite of offerings.
Celo is a proof-of-stake blockchain built on Ethereum, designed to support stablecoins and tokenized assets, while utilizing cellphone numbers to secure a user's public keys.
To date, the startup says it has raised more than $65 million from high-profile industry backers including Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures, among others.
"We now have the technology to create a better financial system, a rich ecology of digital assets and products that allow individuals and organizations to ... transact and manage risk,” said Celo co-founder Rene Reinsberg.
Since Celo's initial development in 2017, the project has launched a mainnet, a native token (CELO), a stablecoin (cUSD), a mobile payments app and has been listed on major exchanges including Coinbase and Binance.
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.