Celo, a leading carbon-negative layer-1 protocol with a rich web3 application ecosystem, has announced the activation of an algorithmic Brazilian real-denominated stablecoin Celo Real (cREAL). cREAL is the first stablecoin for mobile payments – beyond Celo USD and cEUR – that can be used for both centralized finance (CeFi) and decentralized finance (DeFi) applications and services on the open Celo blockchain.

Starting today, users can acquire cREAL on popular Brazil-based cryptocurrency exchanges FlowBTC, NovaDAX, and Ripio, one of the largest cryptocurrency exchanges in Latin America. Bitfy and Coins, two widely adopted cryptocurrency wallets, have also integrated cREAL. It should be noted that NovaDAX, Ripio, and Bitfy have also listed the native CELO asset. Additionally, Celo’s DeFi project ecosystem supporting cREAL includes: Moola Market, Ubeswap, Valora, Symmetric, Poof.cash, Heymate, Airswap, Celo.tax, Mento.finance, Celo Terminal, CeloWallet.app, and GoodGhosting.

“The rate of cryptocurrency adoption in high-growth markets, particularly Brazil, not only signals growing enthusiasm for this new digital economy, but the advancement of real-world use cases,” said Camila Rioja, Latam Lead, Celo Foundation. “This traction, combined with Brazil’s regulatory, market and community conditions, uniquely positions it as an environment where a project like Celo will thrive.”

Buy and Sell with Celo Real

One of the main benefits of using cREAL is to allow users to trade digital assets and transfer value faster, cheaper and easier on their smartphone. Transaction speeds can reach 5 seconds of block time with very low transaction fees of less than 1 cent compared to fees on other blockchains.

Additionally, NovaDAX is the first Brazilian exchange to offer a prepaid cryptocurrency card, with over 50,000 cardholders. This allows cardholders to start paying in cREAL for everyday goods and services.

Buy groceries, pay utilities, shop online and more with Celo Real

Thousands of Bitfy users can now top up cREAL in the mobile app to pay bills, order food, buy gift cards and pay at millions of merchants in the Cielo network, Brazil’s largest credit card operator. credit and debit. Users can purchase and interact with these assets just as they can with other supported assets in the Bitfy wallet, including Bitcoin and Ethereum. Unlike other networks, which require users to hold the native token for transactions, merchants and customers do not need to hold Celo’s Native Digital Asset (CELO) to transact or accept cREAL.

Earn rewards and interest, invest and more with DeFi projects

The Celo ecosystem of over 300 decentralized applications (dApps) allows users to trade, lend, borrow, earn rewards and more with their cryptocurrency assets. With support from DeFi projects, such as Ubeswap, users can pool liquidity with cREAL to access high rewards, or take out secured loans in cREAL through Moola Market. These are a few opportunities for users to access DeFi with cREAL.

Advantages of algorithmic stablecoins

cREAL is a decentralized, crypto-backed algorithmic stablecoin that tracks the Brazilian Real. Stablecoins can help mitigate the risk of cryptocurrency volatility, helping to ensure that the value of a transfer follows a fiat value when sent and delivered. Compared to fiat-backed stablecoins, algorithmic stablecoins that use an open-source stability mechanism based on smart contracts tend to hold their value more efficiently. Because this type of stability mechanism is also more transparent, users are not subject to centralized credit or counterparty risk. As with Celo Dollar (cUSD) and Celo Euro (cEUR), Celo Real (cREAL) is based on Mento, the stability protocol on Celo, and backed by several digital assets in the Celo reserve, including BTC and ETH .

“The lack of transparency, high fees and long transaction times associated with fiat-backed stablecoins have historically hampered the user experience,” said Markus Franke, Partner, cLabs. “In contrast, cREAL can be confidently exchanged for other fiat currencies and digital assets in seconds with just a mobile phone number, creating a pathway for people to use new financial products in their local communities. .”

How cREAL Became the Next Stablecoin to Launch on Celo

The launch of cREAL coincides with a surge in cryptocurrency adoption in Brazil. Last year, transaction volumes in Brazil increased by 2,247% year-over-year. Additionally, around 30% of the Brazilian population now owns cryptocurrency, making Brazil one of the fastest growing crypto markets in South America. Brazil also has a thriving Celo ecosystem: MOSS, the world’s largest environmental platform, was the first to integrate the Celo Reserve with nature-backed assets to help offset carbon emissions, and impactMarket , with its universal basic income program, provided the blockchain. to more than 10,000 beneficiaries across Brazil.

About Celo
Celo is a carbon-negative Layer 1 protocol with a rich ecosystem of global partners building Web3 applications, including in DeFi, NFT, and payments, in support of Celo’s mission to create a more accessible and inclusive global financial system . Accessible to anyone with a smartphone, the Celo ecosystem consists of a decentralized blockchain and proof-of-stake (Celo protocol) technology stack, the CELO token, and stablecoins (cUSD, cEUR, cREAL). Additionally, the ecosystem is supported by the Alliance for Prosperity, which consists of more than 150 mission-aligned Celo Foundation members worldwide, including Deutsche Telekom, PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to the growth and development of the Celo ecosystem. For more information, visit: celo.org.