A16z, Polychain Invest $25 Million in Crypto Payments Startup Celo

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Reessen Horowitz's cryptocurrency fund A16z Crypto and venture capital firm Polychain Capital have invested $25 million in cryptocurrency payments startup Celo.

Celo announced Tuesday that the two investors have purchased $15 million and $10 million in the project's Celo Gold tokens, respectively.

The token-based funding effort also saw participation from "Several other leading institutions" from across the world, Celo said, with the amounts not being disclosed.

Celo's protocol is designed to be mobile-friendly and "Ultralight," allowing funds to be sent to cellphone numbers.

The Celo Gold token it describes as a "Deflationary" cryptocurrency that cuts down on price volatility.

The startup also offers another token, the Celo Dollar, which is a stablecoin pegged to the U.S. dollar.

Celo has recently run pilots of the "Easy-to-use wallet app" in Argentina and Tanzania.

Enabling "Verified" users and merchants to send and receive small payments.

Chuck Kimble, former head of financial institution partnerships at Circle, joined Celo in February as head of strategic partnership.

In September, former Ripple general counsel Brynly Llyr took on the same role at Celo.