CLabs to work with eCurrency in Integration of CBDCs and DeFi

CLabs, the group behind the development of Celo, stated Friday that it will work with eCurrency. This technology provider allows central banks (CBDCs) to issue digital currencies.

Through the partnership, central banks that are trialing or launching CBDCs will be able to use the Celo blockchain to allow end users access to decentralized finance (DeFi) products, according to a press release.

The Celo blockchain allows native digital assets (cryptographic or CBDCs), to circulate freely between devices, carriers, countries and devices according to the Celo site. The blockchain uses phone numbers for public keys and issues a native stable-value token.

ECurrency allows central banks to issue CBDC instruments to financial intermediaries, in accordance with existing legal frameworks. In 2021, eCurrency worked with the Bank of Jamaica on the pilot of the Jamaican CBDC (the Jam-Dex). Digital symmetrical is the key technology used by the Ireland-based company. cryptography technology for central banks to issue and distribute CBDCs securely and efficiently, according to its website.

“After seeing how Celo has opened new opportunities for end-users, such as access to loans and savings, it’s only natural that cLabs extend the use case to CBDCs,” said Tim Moreton, chief executive of cLabs, in the release.

The Celo Foundation published “Connect the World at its conference earlier this week in Barcelona, the campaign for $20 million to incentivize development of high-quality Celo-on-and-off-ramps globally was announced.

The CELO token is trading up 30% over the last 30 days and spiked earlier on in the week during the protocol’s Celo Connect event in Barcelona.

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