- Olshevsky, the CTO and Co-Founder of the Celo Foundation, wants to make DeFi available to smartphone users all over the world.
- If DeFi wants to expand and grow in the future, Marek believes it must focus on the mobile market.
- Celo Foundation has announced the development of “MoFi,” which will allow users to use DeFi on their mobile phones.
Marek Olshevsky spoke about the future of DeFi on mobile at the recent Upbit Developer Conference 2021 (UDC 2021) hosted by Dunamu. Marek Olshevsky, the Celo Foundation’s Chief Technology Officer and Co-Founder, stated,
We will make decentralized finance (DeFi) accessible to the world’s 6 billion smartphone users.
Celo is a blockchain-based payment platform. It backs stablecoins that have been collateralized by several central banks.
Everyone can use DeFi on their mobile device.
Marek emphasized that in order for DeFi to grow, it must also be available on the mobile market. “, he explained.
Although DeFi is used in a variety of protocols and chains, the majority of DeFi products are designed for laptops or desktop computers. It must be created.
According to reports, he considered this idea because there are currently a large number of mobile devices in use all over the world.
Celo has already started the “DeFi for the People” initiative, which it announced on August 30, 2021. This is a global collaboration of crypto organizations. These organizations share a common goal: bringing DeFi to the world’s 6 billion smartphone users.
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.
It’s time for #DeFi4ThePeople 🔦 https://t.co/1Dgf0SiSa4
— Celo 🔦 (@CeloOrg) August 30, 2021
This initiative also includes a number of founding partners, including Aave, Curve, Sushi, Chainlink, and others. Despite the fact that DeFi has grown in popularity in recent years, experts believe it has yet to achieve widespread adoption.
In addition, Olshevsky stated,
The creation of a light client for this service took four years—not everyone can easily create a mobile DeFi.
Simply put, Olshevsky’s initiative aims to enable users to send digital assets directly through the recipient’s mobile phone number. Users should, however, use Cello’s phone number verification dApp to do so. He also mentioned that this service will allow users to pay for transactions with stablecoins.
While this is a far-off vision, Celo’s DeFi for the People could have a significant impact on the DeFi world. Furthermore, many people will be present to learn and witness everything.