Marek Olszewski, CTO and co-founder of Celo, wants to bring DeFi to the masses.
In order to do that, protocols need to become more mobile friendly, he says.
"DeFi is bringing a variety of protocols to many chains, but most DeFi protocols and products are designed for desktop PCs," he said.
Getting DeFi more mobile is what Olszeski focused on during his speech during UDC 2021, a blockchain conference hosted by Dunamu, the firm that operates the South Korean exchange Upbit.
UDC 2021 was held from Sept. 1 to 2.
Celo is a mobile-first DeFi platform that aims to make dapps and crypto payments accessible to anyone with a smartphone. To facilitate this goal, Celo issues its own stablecoins such as the cUSD and cEURO, allowing users to purchase crypto assets more easily.
Celo has also developed a dapp that confirms a user's telephone numeber, allowing users to send crypto directly to other people using only their telephone numbers.
"Our goal is to expand the DeFi market to 1 billion users," Olszewski said.
According to his presentation, among the 8 billion mobile devices used in the world today, 6 billion are smartphones. This means in 2025 around 90% of mobile users will have access to 3G networks and above. Celo wants those 6 billion to have DeFi access.
Because mobile devices are slower than desktop PCs, Olszewski says mobile-first DeFi services need to be simpler. On the other hand, mobile devices offer the potential of linking DeFi platforms to social media apps.
Olszeskij also introduced DeFi for the People, a collaborative project for making DeFi go mainstream. Along with Celo, the project has recruited the likes of Aave, Curb Finance, and SushiSwap.
Project participants will contribute funds that will be used to offer more than $100 million in educational initiatives, grants and incentives for developers.
UDC 2021 articles are sponsored by Upbit.
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