Loop supports crypto payments on Celo
We are excited to announce that Loop Crypto is now available on Celo. At Loop, our focus has always been to simplify on-chain payments and remove the barriers for businesses and consumers to transact on chain. Accessibility is also a core pillar of Celo’s mission, with sub-cent transaction costs, mobile-forward design, fee abstraction (enabling ERC-20 tokens like USDT and USDC as gas currency), and more, allowing users worldwide to easily interact with the Web3 ecosystem.
Celo's mainnet officially launched as a fork of geth on Earth Day 2020, as an energy-efficient and low-cost layer 1, designed to bridge the gap between leveraging mobile technology and cryptocurrency adoption. More recently, Celo migrated to an Ethereum layer 2 solution built on Optimism’s OP Stack, leveraging EigenDA. This move enhances Celo's scalability, reduces costs, and improves interoperability with the broader Ethereum ecosystem. Celo had already seen widespread adoption with thousands of applications building on the chain, but we are excited about what this next chapter means for accelerating Celo’s growth.
In markets where access to traditional financial products and rails is limited, Celo offers a compelling opportunity to solve the last-mile distribution problem. The chain is already being adopted in markets like Brazil and Nigeria, where users are able to leverage Celo’s mobile-first approach to access a range of applications and seamlessly transact with stablecoins. Over the last year, we have seen daily active addresses grow exponentially on Celo, and we believe this is only the beginning.
(Source: Artemis.xyz)
Products built on Celo, like Opera MiniPay, have found product-market fit to surpass 4M+ users, each of whom can send stable assets to friends and family via text with a few taps on a mobile phone. Celo now supports 13 stablecoins covering seven global currencies, and as this thread from Artemis highlights, Celo stablecoin usage has skyrocketed in the last year.
We are thrilled to now bring Loop’s unique feature set to Celo and all of the applications building on top of it. This includes the ability to enable recurring payments for use cases like crypto subscription payments. Our flexible APIs will allow for a variety of payment applications that will reinforce Celo’s position as a leading option for commerce in emerging markets and cross-border transactions.
If you’re ready to begin building with Loop Crypto on Celo, head to our get started page. We’re already live with Para, Absinthe, Octobot, chainEDGE, BlockPeer, and Frenglish on Celo and are looking forward to continuing to grow our presence in the ecosystem.
About Loop Crypto
At Loop Crypto, we have helped companies like Helius, Privy and Neynar accept millions in crypto payments. Our belief is that crypto payments should fit into existing systems, not require entirely new ones. That’s why Loop integrates directly into existing billing systems like Stripe, Chargebee, and OpenPay and has APIs for customized billing solutions. Loop works with all payment types, including subscriptions and supports payouts in fiat or stablecoins.
About Celo
Celo is an Ethereum Layer-2 and mobile-first blockchain network built for the real world and designed for fast, low-cost payments worldwide. The Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack (the Celo Platform), the CELO native token, USDC, and USDT (both enabled as gas currencies), several Mento stable assets (cUSD, cEUR, cREAL, eXOF), and popular, blue chip infrastructure including Uniswap, Curve, Chainlink, Aave, and Rarible, among others. Launched on Earth Day in 2020, the open-source Celo mainnet supports a rich ecosystem of projects (1,000+) contributing to Celo’s global mission of prosperity for all. For more about Celo, visit https://celo.org.
