In brief
- The Celo Foundation has announced $1 million worth of funding for multiple companies and organisations.
- The funds are part of Celo's aim to create a more positive economic future.
- Applications for Celo Foundation funding recently rose by over 400%.
The Celo Foundation has announced that it will award $1 million of funding to several companies that contribute to the Celo ecosystem.
The purpose of the Celo Foundation is to build a financial system that creates prosperity. One of the ways this is achieved is by granting funds to companies and entities that share in Celo’s outlook.
Funding awards are used to promote these causes, and their demand is growing. This round of funding produced 175 applications, compared to just 40 last time—a 400% increase in demand.
“Submissions were received from teams worldwide in more than 50 different countries,” said the Celo Foundation.
To cover this funding period the Celo Foundation has organized two separate waves of funding.
Wave One
During the first wave of funding, the Celo Foundation announced that Blockdaemon successfully on-boarded the Frankfurt School to the Academia validator group, which means that the group will soon be ready to validate blocks on the network.
Chorus One is also developing support for Celo on Anthem, a tool allowing users to stake and manage rewards, as well as partake in governance in Celo’s proof-of-stake network.
Wave Two
The second wave of funding will see the Celo Foundation collaborate with MIT Delta v, an educational accelerator for student entrepreneurs at MIT. The programs on offer include opportunities for students with ideas for startups.
Celo is also working with IDEO CoLab Ventures to provide more educational initiatives for young entrepreneurs, including the IDEO Startup Studio.
In addition to these initiatives, Celo is supporting MoCaFi, a banking platform focused on helping communities of Black, Indigenous, and other people of colour as they face the impact of COVID-19.