- Celo Foundation CTO and Co-founder, Olshevsky, aims to make DeFi available to smartphone users worldwide.
- Marek emphasized that DeFi needs to target the mobile market if it wants to expand and grow more in the future.
- Celo Foundation stated that they are preparing “MoFi” which allows users to use DeFi on their mobile phones.
In the recent Upbit Developer Conference 2021 (UDC 2021) hosted by Dunamu, Marek Olshevsky shared his sentiments about the future of DeFi on mobile. The Chief Technology Officer and Co-founder of the Celo Foundation, Marek Olshevsky, mentioned that,
We will make decentralized finance (DeFi) mobile-enabled to 6 billion smartphone users worldwide.
To note, Celo is a blockchain payment platform. It supports stablecoins that several central banks collateralized.
DeFi on Mobile for Everyone
Marek emphasized that for DeFi to expand more, it needs to be available on the mobile market as well. He said,
DeFi is being implemented in various protocols and chains, but most DeFi products are designed for laptops or desktop PCs. It has to be made.
According to reports, he considered this idea based on a large number of mobile devices currently, worldwide.
Celo already started the initiative, “DeFi for the People” which it announced last Aug 30, 2021. This is a collaboration between global crypto organizations. These organizations join in one common goal: to bring DeFi to the 6 billion smartphone users in the world.
There are 6B people w/ access to a 📱 , which can mean 6 billion people using @AaveAave, @CurveFinance, @ValoraApp, @Moola_Market, @UMAprotocol, @PoolTogether_, & @SushiSwap through @CeloOrg’s mobile-first approach.
— Celo 🔦 (@CeloOrg) August 30, 2021
More so, this initiative includes several founding partners like Aave, Curve, Sushi, Chainlink, and many others. As DeFi gained growth from the past years, experts believe that it has yet to achieve widespread adoption.
Also, Olshevsky shared that,
It took four years to create a light client for this service—not everyone can easily create a mobile DeFi.
To put it simply, this initiative of Olshevsky aims to allow users to send digital assets directly through the other party’s mobile phone number. However, users should do this through Cello’s phone number verification dApp. Also, he mentioned that this service will allow users to pay using stablecoins as transaction fees.
While this is a big picture that is way into our future, Celo’s DeFi for the People might change the world of DeFi drastically. Moreover, people will be here to find out and witness it all.