The Celo Foundation, a decentralized mobile-first platform dedicated to establishing a unique digital economy, has announced a new partnership. Chainlink revealed that Celo has now integrated Chainlink as its official cross-chain infrastructure, a decentralized computing platform that powers the verifiable web. This exciting development was shared by Chainlink on its official X account.
Celo’s Integration of Chainlink Focuses on Enhancing User and Developer Experience
In addition to this, the Celo Foundation released a blog post on Medium to provide further insights into this collaboration. Expressing their excitement about the integration, the company highlighted that Chainlink CCIP operates as an L2 on Ethereum, enabling cost-effective and speedy payments globally. The industry-standard interoperability of Chainlink is said to greatly benefit Celo.
Chainlink provides unparalleled levels of reliability and security across chains, offering various cross-chain coin transfer mechanisms such as lock/mint, lock/unlock, and burn/mint tools that support a wide range of applications and use cases. Following approval from the Celo community, the platform officially became a part of the Chainlink SCALE project, receiving efficient technical support and enhanced access to Chainlink’s services.
The Integration Will Potentially Increase the Growth and Adoption of Celo Foundation
With the implementation of CCIP, which enables over $10.5 trillion in transfer value and ensures peak levels of reliability and security, Celo aims to bolster its cross-chain security. The Risk Management Network, an independent network, plays a crucial role in safeguarding the CCIP’s security by overseeing and validating operations across chains to prevent any fraudulent activities. This comprehensive defense strategy focuses on supporting an interoperable and secure ecosystem, aiming to prevent the exploitation of funds due to unreliable cross-chain infrastructure.
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, commented on this development, stating that CCIP’s secure interoperability solution will benefit users and developers on Celo by allowing them to leverage the multi-chain sector and expand Celo’s adoption. Executive Director of Celo Foundation, Eric Nakagawa, believes that the integration of cross-chain infrastructure will pave the way for long-term adoption and growth within the Celo ecosystem.