What Is Celo? Should You Invest In CELO And Where To Buy It?

Last Updated January 16th 2023

20 Min Read

Year after year, the cryptocurrency industry has been breaking new grounds. 14 years after Bitcoin was created, the industry has exploded in a manner that can best be described as magical. However, what we have seen so far is just the tip of the iceberg when we consider the world' growing population and the rate of cryptocurrency adoption.

It is also wonderful to see that there are blockchain projects that are focused on improving cryptocurrency adoption. Celo is one of such projects, and we believe it is one of the platforms every crypto enthusiast should keep an eye on. Considering its primary goal, Celo is going to help a good percentage of the world’s population to embrace cryptocurrencies.

Are you thinking of investing in Celo? There are important questions you must ask before delving in. What exactly is Celo? Should you invest in Celo? And where can you buy Celo? Finding the right answers to these and other questions will help you make the investment decision. We understand that it can be a little too challenging for most people to do the research it will take to find the right answers to these important questions. We have done that and will present these answers in the most detailed manner.

Just to be clear, we may not offer direct investment advice here. However, we are going to discuss everything you need to know about Celo in order to make the right decision. It is important that you read between the lines to get the right information that can help you make the right choice and reap the benefits.

Content

What Is Celo?
A Brief History Of Celo
What Makes Celo Unique?
More About The Celo Token (CELO)
Should You Invest In Celo?
Is Celo (CELO) A Safe Investment?
Major Reasons To Invest In Celo
Reasons To Think Twice About Investing In Celo
Where Can You Buy CELO?
Best Platform To Buy CELO
What Next After Buying CELO?
Key Points To Keep In Mind
Final Words

What Is Celo?

Celo is a blockchain platform that seeks to make financial tools borderless, easy to use, and accessible for anyone with a mobile phone. It can also be defined as a blockchain ecosystem that focuses on improving cryptocurrency adoption by making it easy for anyone with a smartphone to access financial tools and services, regardless of where they live.

Though cryptocurrencies are generally easy to buy for anyone with internet access, the need for public keys makes it challenging for some people who may want to buy, sell, or use most digital currencies. Public keys are basically long, scrambled strings of characters used to identify cryptocurrency accounts. They can be confusing for new cryptocurrency users, discouraging some from embracing cryptocurrency investments. Celo aims to solve this problem by replacing public keys with phone numbers.

By tackling one of the technical barriers to cryptocurrency adoption and usage, Celo makes getting into cryptocurrency trading and investing easier for most people. As a mobile-first platform, Celo takes the decentralized finance industry to anyone with a smart mobile phone. They can access several DeFi products and services with their phone numbers. This works even for people without banking access.

Celo has become a wholesome DeFi ecosystem with adequate infrastructure to bring positive changes to the DeFi space and the entire blockchain industry. The network allows for the creation of smart contracts and decentralized applications (DApps). It also allows different levels of participation for users who can also earn rewards for network participation.

Like other cryptocurrency platforms, Celo has a native currency. In addition to the native currency, the platform is home to a couple of stablecoins, and there are plans to add more as the need arises. If you are planning to invest in Celo, however, your focus should be the native currency which trades under the ticker symbol “CELO”. It serves as both the utility and governance token of the platform. It is the primary investment vehicle that is traded on different platforms.

A Brief History Of Celo

Celo has a relatively rich background. Tech entrepreneurs, Rene Reinsberg and Marek Olszewski are recognized as the major co-founders of the project. However, the team that built the platform and backed it from the early days comprised of people from MIT, Stanford, Harvard University, Cambridge University, Google, Visa, World Bank, Capital One, Twitter, the Gates Foundation, and several other notable organizations.

Though Celo was co-founded in 2017, the platform was launched to the public in 2020. When the mainnet was launched, the dedicated Celo Foundation was also launched as a non-profit that will oversee the impacts the network will make in the real world. The company also launched the Celo Alliance for Prosperity, which is described as an "ecosystem of mission-aligned organizations."

As hinted earlier, Celo has been backed by some notable organizations right from the beginning of the project. Some of the major entities that have backed the project financially include Andreessen Horowitz, Coinbase Ventures, and former Twitter CEO, Jack Dorsey, among many others. Many notable projects have been launched on Celo, including Valora, a digital wallet.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Makes Celo Unique?

As mentioned earlier, Celo is a mobile-first platform, and that is its number one selling point. Obviously, the project is targeted at mobile users who are yet to embrace cryptocurrencies. While launching the project, the company pointed out that the number of smartphone users across the world is increasing exponentially while the rate of adoption of cryptocurrency is growing at a rather slower pace.

By eliminating one of the technical barriers to cryptocurrency adoption, Celo reaches a good percentage of the unbanked people in the world. Of course, these are some of the people who need DeFi products and services the most. With Celo, anyone with a decent smartphone can start using cryptocurrencies and other DeFi products and services.

In addition to being optimized for mobiles, Celo supports the creation of smart contracts and DApps. There are already some successful mobile apps built on Celo. It is also home to multiple crypto coins, including the native currency (CELO) and stablecoins (Celo Dollars and Cello Euros pegged against the US Dollar and the Euro, respectively).

More About The Celo Token (CELO)

As mentioned already, Celo has multiple coins, including the native currency (CELO) and some stablecoins. For cryptocurrency traders and investors, however, the most important of these coins is the native currency, which trades under the ticker symbol “CELO”. This native currency which is also called Celo Gold powers the platform.

Though the stablecoins in Celo are very important, we are going to focus on the native currency Celo Gold. As stated earlier, it is the primary investment vehicle, which means it is the digital asset you are going to buy to invest in Celo. In this article, we will use the names CELO, Celo token, and Celo Gold interchangeably.

Celo Gold is an ERC-20 token, which means it is built on the Ethereum network. Though Celo has its own mainnet, the coin uses Ethereum basic infrastructure to function. This, however, does not mean that the Celo platform is dependent on Ethereum. On the other hand, Celo is a complete ecosystem, though the token is based on Ethereum.

CELO is a proof-of-stake (PoS) token and is used for a number of activities within and outside the Celo ecosystem. It serves as the utility, reserve, staking, and governance asset for the Celo platform. It can be used to settle transaction fees, it can be staked to secure the network, and it gives owners voting rights in governance decisions to influence the future of the platform.

Celo Gold (CELO) is not a stablecoin. Its price is not pegged against any fiat currency, rather, it fluctuates like any other cryptocurrency. It can be traded on a number of cryptocurrency exchanges, including Binance and Coinbase. It is also available on some brokerages, including eToro.

At the time of writing this piece, CELO was trading for $0.72 per token. Its market capitalization is $347 million, making it the #93 ranked cryptocurrency in the world. There are currently 483,246,415 CELO in circulation, which is approximately 48% of the maximum/total supply of 1,000,000,000 CELO.

Check Out: Celo Price Predictions

Should You Invest In Celo?

From what we have discussed so far, you should have a good idea of what Celo is and its place in the cryptocurrency market. So, should you invest in CELO?

There are so many things to consider before investing in a cryptocurrency. Good knowledge of the platform and its native token is only a part of the many factors you need to consider before investing. You need to be sure that the asset is a safe investment, and you need to be sure that it will stand the test of time. You also need to be sure that a digital asset will fit your investment portfolio. In order words, you must understand the potential rewards and the attendant risk and make up your mind to invest.

In the paragraphs to follow, we will discuss some of the key factors that will help you decide whether investing in Celo Gold is the right thing for you. It is important to reiterate here that you will be the one to make the decision to invest in CELO or ignore it. It is important that you read on carefully to get all the necessary information.

Is Celo (CELO) A Safe Investment?

The most important thing to consider before investing in any cryptocurrency is safety. So, it is important to answer the question above in all sincerity.

As stated earlier, CELO is a proof-of-Stake token, which implies that it uses the Proof-of-Stake consensus mechanism to secure its network. The platform also employs a complex election process to determine validators for its blockchain.

As a governance token, CELO also helps to secure its network. Since the holders of the coin are the same people that make the decisions that determine the directions the platform will go in the future, they are bound to vote to protect their interest at all times. They also use their CELO holdings as a means of participating in elections to select validators.

Don't Miss: Should You Buy Celo? 4 Pros, 4 Cons

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Major Reasons To Invest In Celo

That Celo is a safe investment doesn’t mean it is the best for you. Security is only one of the important factors to consider before investing. You need to find enough reasons to choose to invest in Celo or any other digital asset before making the move.

Here, we will briefly discuss some of the major reasons you should consider investing in CELO:

Celo is an important project that is improving the cryptocurrency industry in its unique way

It is always great to see a cryptocurrency project that tackles a problem that many people don't consider too serious. Celo is one of such platforms. The cryptocurrency industry is going to benefit from the increasing number of smartphone users across the world, all thanks to Celo and what it offers.

Celo has a solid team behind the network and the development of its ecosystem

The quality of a team normally has a big impact on the quality of what they can create. Celo has a pretty strong team, even from the earliest days. Many professionals drawn from leading Universities contributed to creating the project. Many of the individuals still running the network and developing its ecosystem are experts in their respective fields.

Celo will introduce many people to cryptocurrency, and most will stick with the coin

Indeed, public and private keys are among the technical barriers that delay people from adopting cryptocurrencies. Celo replaces them with phone numbers, which are easier to remember. This makes it a lot easier for people who would normally have nothing to do with cryptocurrencies to start embracing them. We also believe that many of the individuals who will be drawn to cryptocurrencies because of Celo’s unique features and offerings will stick with the network and its tokens for a long time.

Celo is a decent smart contracts platform and will likely perform well in the DeFi subsector

Celo does not only cater to the needs of prospective cryptocurrency users with smartphones. It is also a smart contracts platform that allows developers to create and launch projects that can improve the market and become profitable in the process. It is already contributing immensely to the DeFi subsector, and we believe it will have more impact in the future. Of course, that will beneficial to investors.

Celo is easy to use and gives every holder voting rights

Celo is easy to use, and that is a good thing for everyone that will ever buy the coin. The network and its token are definitely going to attract a lot of new cryptocurrency users, and that will improve its ecosystem in different ways. The fact that CELO gives holders voting rights is another important reason to invest. You and others who own the coin hold the power to determine the future of the network and the tokens.

Celo is backed by notable entities that believe in the future of the platform

Earlier, we stated that Celo has a strong team running things in the background. It is also heartwarming to know that the project has several notable backers, including people who understand the industry so well. These knowledgeable investors believe in the future of the network and its coin, and we cannot agree less. Buying Celo will get you into a good company of audacious investors.

Celo already has some successful projects created and deployed on its network

As a smart contract platform, Celo is bound to host many DeFi protocols. Already, there is a good number of viable projects on the platform, including Valora, a digital wallet. With more viable projects coming on board, the network will grow and the native token will gain more value.

The Celo ecosystem has stablecoins that can help investors in different ways

CELO, as we have stated severally, is not the only token in the Celo ecosystem. The network is also home to stablecoins, including Celo Dollars and Cello Euros tied to the US Dollar and the Euro. There are plans to launch new stablecoins as the needs arise. These stablecoins can be beneficial to CELO investors in different ways, especially when the market becomes too volatile. The stablecoins are also helpful in securing the network and expanding the value of the Celo ecosystem.

Celo is a relatively cheap cryptocurrency

Celo Gold is currently trading for less than $1. That is pretty cheap when compared to many other cryptocurrencies. Prospective investors can start trading with as little as $100 or even less. Investing now that the coin is cheap will give you an edge over those that will start investing when the price goes up. However, there is no guarantee that the price will go up so much in the near future.

There are different ways to earn by investing in Celo

The obvious way to make money in the cryptocurrency market is to trade the tokens. You can choose Day-Trading or HODLing. But these are not the only way to make money with some assets, including the Celo token. CELO is a proof-of-stake token, which implies that it can be staked to earn rewards. Even if you are not interested in staking, you can use different strategies to make money when you buy CELO.

Reasons To Think Twice About Investing In Celo

While there are many reasons to invest in Celo, there are also reasons to think twice about investing in the coin. It is important that we also discuss some of the reasons why an investor must think twice before investing in Celo:

❌ CELO’s growth in the market can be described as stunted when compared to many DeFi platforms launched at the same time

CELO has seen some growth since it was launched. However, it is impossible to compare its growth to the growth of such platforms as Avalanche and Axie Infinity, which were launched within the same period it was launched. In fact, is best to describe its growth as stunted. There is also a good chance that CELO will never catch up with these other coins. Of course, it is better to invest in a coin that has the potentials to grow so much in the future.

❌ CELO is a volatile asset

Like other cryptocurrencies, CELO is a volatile asset. This is a common problem in the cryptocurrency market, but you still need to keep that in mind. Volatility means you can easily lose when you trade the asset.

❌ Celo is a relatively new cryptocurrency

Celo was launched to the public in 2020, which means it has only been around for two years. Though it has all the trappings of a project that will succeed, there is a good chance that it will not fulfil its potential. It is still early to determine how well it will grow in the future, especially when you consider the fact that only 48% of the token is in circulation.

❌ Celo targets developing countries

Generally, Celo targets individuals with access to smartphones who are not yet using cryptocurrencies. Though such individuals can be found in established and large economies, they are predominantly found in developing countries. Most smartphone users in developed countries have embraced cryptocurrencies and most who haven’t are sceptics who are unlikely to adopt cryptos because of a new platform. Though people in developing countries can certainly contribute to the growth of a cryptocurrency, it is unlikely that a project will explode if it doesn’t have many users in developed countries.

❌ Celo faces issues with scalability

Celo is a decent platform by many standards, but it has been severally reported to have issues with scalability. For a smart contract platform that aims to stay relevant, this is a big problem. The platform will find it difficult to compete with others that are superbly scalable. Issues with scalability will continue to draw Celo and its tokens back until it is solved.

Where Can You Buy CELO?

The cryptocurrency market has grown so much that buying a digital coin can be as easy as ordering pizza online. There are several cryptocurrency platforms where you can buy CELO, but you need to understand the different options and choose what is best for you. If you already have a favourite platform where you buy cryptos from, it is still important that you understand other options.

The different platforms that allow people to buy digital coins can be broadly divided into three, including cryptocurrency exchanges, brokerages, and other apps/websites that are neither exchanges nor brokerages.

Cryptocurrency exchanges are basically blockchain-focused business (operated as a website) that allows people to trade cryptocurrencies for fiat currencies or other digital currencies. They normally list several cryptocurrencies, providing users with several options. Some of the biggest cryptocurrency exchanges in the world now offer Celo.

Cryptocurrency brokerages are basically companies that serve as intermediaries between the cryptocurrency markets to facilitate buying and selling of cryptocurrencies, among other assets. Just like a broker, a brokerage facilitates the trading and exchange of cryptocurrencies for fiat currencies and other digital assets. In addition to cryptocurrencies, most brokerages allow users to trade other assets like stocks, ETFs, and Forex.

As mentioned above, there are platforms that allow users to trade cryptocurrencies and other digital assets that are neither official exchanges nor brokerages. These platforms can be called trading or investment platforms, but they do not fall under any of the two categories discussed above.

Before buying a cryptocurrency, it is important that you understand the category the platform you want to patronize falls under.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Best Platform To Buy CELO

The three categories of platforms discuss above always strive to make it easy for users to buy the cryptocurrencies of their choice. However, they are not made equal. The experience you will have in one platform will significantly differ from the experience you may have on another platform.

The commonest place to buy a cryptocurrency is an official exchange. The top cryptocurrency exchanges offer wonderful features, but some experienced investors avoid them for security reasons. Many top exchanges have been hacked in the past, and many lost their assets to those hacks. It is considered risky to leave a digital asset in an exchange.

Platforms that are neither exchanges nor brokerages are considered to be more dangerous than exchanges and brokerages. Though there are genuine platforms in this category, many are scam sites or something close to that. You are at greater risk when you buy digital assets from such platforms.

From what we have covered in this section, you can guess that brokerages are regarded by many as the best platforms to buy cryptos. Most experienced investors understand this and use some of the best brokerages for their cryptocurrency investments. eToro is one of the best brokerages to buy CELO and other digital assets.

What Next After Buying CELO?

Buying CELO is one critical step in investing in the coin, but what happens afterwards is also important. Like other digital assets, CELO needs to be stored in a digital wallet and choosing the right digital wallet is very important. Depending on your experience level, you may know a few good digital wallets.

For newbies, understanding how to choose the right digital wallet is very important. If you don’t know any good compatible wallet but have decided to buy CELO from eToro, then you have nothing to worry about. The brokerage offers its users an easy-to-use, multi-token digital wallet that is safe and reliable.

Key Points To Keep In Mind

At this point, you should know enough to decide whether you want to invest in Celo or not. But it is possible that the amount of information here will be overwhelming. To help make the decision-making process easier for you, here are key points to keep in mind:

Celo is a mobile-first platform that seeks to promote cryptocurrency adoption by making DeFi tools accessible to anyone with a mobile phone.
Celo is also a smart contracts platform that allows developers to create and launch smart contracts and decentralized applications.
Celo supports multiple tokens, including Cello Gold (CELO) and a couple of stablecoins.
CELO serves as both the utility and governance token of the Celo ecosystem.
CELO is an ERC-20 token that is available on many platforms, including eToro.
Celo has a solid team as well as a solid investor base.
CELO has been growing at a rather slow rate when compared to other successful DeFi projects launched at the same time.
Etoro is the best platform to buy CELO.

Final Words

Investing in cryptocurrencies can be profitable, but you need to make the right choice when it comes to the coins to buy, where to buy and sell, as well as where to store. We have discussed everything you need to know about CELO to determine whether it is the right digital coin for you. We have also discussed the different places you can buy CELO from and concluded that Etoro is the best for several reasons.

The ball is now in your court – are you going to invest in Celo or ignore the mobile-first platform. Though it is a decent platform with a decent native coin, there are issues you must never neglect. The coin has grown at a rather disappointing pace. It is also a very volatile asset. Even if you are investing, day-trading may be the best strategy. In any case, you must be willing to accept the risks before investing in Celo.