A consortium of leading decentralized finance (DeFi) agreements today announced a $100 million inclusive financial cooperation project called “DeFi for the People”.
The DeFi applications involved in the project—AAVE, SushiSwap, Curve, 0x, PoolTogether, etc.—will jointly provide up to $100 million in educational programs, grants and incentives to educate individuals around the world about decentralized finance.
The plan is built on the Celo ecosystem and found that the traditional financial market lacks inclusiveness and accessibility, and then aims to use the decentralized features of encryption and blockchain to provide financing for 6 billion mobile phone users worldwide.
Celo is an open source blockchain ecosystem composed of individuals and organizations that cooperate with each other to promote global financial inclusion. Their conscious branch, the Prosperity Alliance, includes 150 partners such as Deutsche Telekom, Coinbase and Andreessen Horowitz.
This mobile-centric platform currently has more than 1 million registered wallet addresses across 113 countries/regions. Product integrations with PoolTogether, Sushi, Moola Market, Ubeswap and Valora are the first products to be launched on the platform, and other integrations will be launched in the coming weeks and months. Also launched on the platform today is PoolTogether’s $500,000 reward program.
Leighton Cusak, the founder of PoolTogether, believes in the power of reward programs in encouraging market participation. He claims:
“Studies have shown that bonus savings are one of the most important and effective entrances for people with insufficient bank deposits to save. PoolTogether on Celo can promote the adoption of encryption and DeFi by users in unbanked and developing markets. They benefit from low gas fees and fast speed. Benefit the most during trading hours.”
In addition to Celo’s well-known product partners, the company also announced a series of educational organizations, including Chainlink, The Graph, RabbitHole, and Wrapped.com, which will support the provision of education and resources.
Cointelegraph contacted Rene Reinsberg, co-founder of Celo, to learn about his views on how the program promotes inclusiveness and accessibility for the unbanked people around the world:
“There are currently approximately 5 million people using DeFi applications in the world, and less than 10% of them live outside of developed countries. Cost, technical knowledge, and Internet access should not hinder the development of this revolutionary technology. That’s why We want to take the lead in DeFi for the people.”
“It will make DeFi accessible, and allow more users around the world to master more tools, and bring the benefits of DeFi to anyone with a mobile phone. Mobile is what brings DeFi to most people who access the Internet mainly through mobile phones. The key,” he said.