Consortium launches USD 100 mln Defi for the People

Monday 30 August 2021 15:20 CET | News

A consortium of decentralised finance (DeFi) protocols has announced a collaborative USD 100 million financial inclusion venture titled ‘DeFi for the People.’

The DeFi applications involved in the project — AAVE, SushiSwap, Curve, 0x and PoolTogether, amongst others — will together provide up to USD 100 million in educational initiatives, grants, and incentives in an effort to educate individuals globally about decentralised finance.

The initiative — built on the Celo ecosystem — identified the lack of inclusivity and accessibility in the traditional financial markets, and in turn, aims to utilise the decentralised nature of crypto and blockchain to provide finance to the world’s 6 billion mobile phone users.

Aave has pledged USD 20 million, Curve will give USD 14 million, while Sushi will contribute USD 10 million. Celo is an open-source blockchain ecosystem consisting of individuals and organizations who work alongside each other to promote global financial inclusion.

More: Link

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Keywords: Consortium blockchain, funding, DeFi, financial inclusion
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies