By Kenny S. - Cryptocurrency Speculator - 09/04/2021
The Celo Foundation has published its 2020 annual report, which outlines both the foundation's balance sheet and its acquisitions last year. The Celo Foundation is an open-source platform whose mission is to make financial tools, cryptocurrency trading and adoption more accessible among smart device users.
The network’s native token is CELO (CELO), built on its proof-of-stake ecosystem used for transfer fees, governance and related contributions. The asset is becoming a popular crypto coin to invest in for many participants.
The foundation invests in ecosystem development projects such as science, education, community engagement, and other multiple outreach strategies. According to their website, the foundation funds "an inclusive and sustainable financial system that creates the conditions for prosperity–for everyone."
Even though the year 2020 was shaped by the global COVID-19 pandemic, Celo continued its progress. The foundation had more than $97.2 million in assets as of December 31, 2020. CELO assets accounted for nearly 80% of the total.
With the foundation distributing $4.7 million in grants to Celo-based solutions and programs to advance the Celo ecosystem, the overall costs for the year rounded up to about $38.4 million. As stated in the report, technology and study received a sizable portion of grants to Celo-based initiatives.
Although this sector obtained 47.2% of the grant, ecosystem support projects received about 31.2%. 13.4% was for education and culture, and 8.2% was invested in social impact. In total, 407 applications were received for the grant's portfolio.
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