PayU has announced a “large purchase” of CELO, the utility and governance token native to the Celo blockchain, to launch a stablecoin payment scheme.
Infrastructure business, First DAG has also collaborated with PayU which provides a network that links merchants with their preferred bank to reduce the technical complexity of taking stablecoin payments.
PayU Forms A Collaboration With CELO To Launch A Stablecoin Payment Scheme
PayU, the payments division of the investment firm Prosus, has partnered with Celo, the decentralized payments protocol.
Using cUSD, Celo’s dollar-pegged stablecoin, the partnership intends to introduce additional stablecoin payment alternatives for PayU’s 450,000 merchant clients.
Its clients serve millions of individuals across Latin America, Africa, and Southeast Asia together.
CEO of PayU’s Global Payments Organization, Mario Shiliashki, stated that the move is consistent with the company’s aim of “a world without financial boundaries.”
“As digital transactions become the standard, it is critical that we provide the most up-to-date payment options to merchants and customers.
Working with First DAG and Celo to provide a new payment option expands prospects for e-commerce businesses and producers while also allowing consumers to trade freely,” he noted.
Becoming A Member Of The Celo Alliance
Celo runs a decentralized, proof-of-stake blockchain that serves as the foundation for mobile-first payment apps.
The Celo Alliance For Prosperity, which includes Andreesen Horowitz, Coinbase, and Deutsche Telekom, has over 150 members and encourages collaboration on the Celo platform.
As part of today’s agreement, PayU and First DAG will join the organization.
CEO of the Celo Alliance for Prosperity, Chuck Kimble, said “This ecosystem established by First DAG, PayU, and Celo is the ideal illustration of how digital assets can deliver on their promise of democratizing access to money everywhere in the world,”
According to CoinMarketCap, CELO has a market value of about $609 million.
Morgan Beller, a former co-creator of the stablecoin project Diem, joined the group as an advisor in February this year.