• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

cLabs Acquires Summa to Boost Crypto Interoperability on Celo

Written by:
Aeon Flux
Published on:
14 August 2020
Thoughts:
No comments yet

Aug 13, 2020 at 20:30 UTCUpdated Aug 13, 2020 at 20:52 UTC

gathering-of-celo-community-members-in-northern-california-november-2019

Celo community gathering in California (cLabs)

It was a match made in Silicon Valley heaven. The token-funded startup cLabs just acquired the decentralized finance (DeFi) startup Summa, best known for making wrapped Ethereum tokens that can represent locked amounts of bitcoin.  

The acquihire bolsters cLabs’ multifaceted engineering team, which specializes in Bitcoin, Zcash and Cosmos projects in addition to Celo software projects. 

Marek Olszewski, CTO of cLabs, said the newcomers will help the Celo community “execute on the platform’s interoperability vision.”

“Over the last two years we’ve built the interoperability space from scratch. We’re excited to continue that work with Celo,” said Summa co-founder James Prestwich, whose startup was acquired for an undisclosed amount. 

Read more: Investors on CoinList Pour $10M Into Celo Token Sale in Roughly 12 Hours

With the addition of six people from Summa, cLabs’ Olszewski said there are now 100 people on staff. Along those lines, cLabs engineer Tim Moreton said the goal is to make sure people with established roles in different crypto projects are involved with the Celo community as well. 

Moreton added the priorities for 2020 are smoothing value transfers in and off of the Celo platform, including value from Bitcoin or Ethereum, and getting the Celo mobile app “into the hands of thousands and thousands of people … who don’t have cheap or easy access to financial services, but they do have access to a smartphones.”

cLabs has raised more than $40 million so far, through a combination of venture capital and token sales. Much like Facebook’s dwindling Libra project, Celo’s stated goal is boosting financial inclusion in emerging markets. The startup has remote staff working in Latin America, Asia and Africa, in addition to the team in California.

Zack Voell contributed reporting.

Read more about…

AcquisitionsCeloSummacLabs

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Categories: Bitcoin, Ethereum, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (1,361)
  • Ethereum (850)
  • News (2,433)

Recent Posts

  • Bitwise Files Crypto ETF Application 10 February 2021
  • DNA — how can you monetise the new gold? 10 February 2021
  • Post-Pandemic World: What Will Happen? 10 February 2021
  • How realistic is a worldwide Bitcoin ban? 10 February 2021
  • Ledger To Add Defi Support For Mobile Users By Their Ledger Live Mobile App 10 February 2021

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web