The Celo Foundation has published its annual report for 2020, which details the foundations expenses and balance sheet. The Celo Foundation allocates grants to research, education and community engagement.
Celo’s efforts are geared towards creating systems such as Financial (Fintech) and blockchain technologies to support suitable conditions for the adoption of Decentralised Finance (DeFi) and Decentralised Applications (dApps). The foundation has stated that it supports all activities for encouraging a sustainable fintech systems for the purpose of creating wealth.
The Celo Foundations native token CELO (CELO) governs the Proof-of-Stake (PoS) consensus protocol and is utilised to appropriate transfer fees, governance and other contributions to the ecosystem.
Although 2020 was largely hampered by the global COVID-19 pandemic, Celo managed to make progress and gain momentum. Upon the end of 2020, the foundation held over $97.2 million. Approximately 80% of the total amount was accounted for in CELO assets.
While the foundations expenses for the year collectively reached $38.4 million the total figure for the grants allocated came up to $4.7 million. The contributions were aimed at creating Celo-based solutions and initiatives to accelerate the Celo community.
Reportedly, a significant portion of the grants issued by the Celo Foundation were attributed to technology and research totalling 47.2% of the total grant pool. Whilst 31.2% was put towards “ecosystem support” projects. Education accounted for 13.4% of the overall funds and the remaining 8.2% was shared amongst social impact causes.
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