The Celo Foundation, a decentralized mobile-first platform focused on establishing a unique digital economy, has announced a new partnership. Chainlink has revealed that Celo has integrated Chainlink as its official cross-chain infrastructure, as shared on Chainlink’s official X account.
Celo’s integration of Chainlink aims to enhance the user and developer experience within its ecosystem. The Celo Foundation shared details of this collaboration in a Medium blog post, expressing excitement about the integration. Chainlink CCIP, operating as an L2 on Ethereum, offers cost-effective and rapid global payments, with industry-standard interoperability benefiting Celo.
Chainlink provides unparalleled levels of reliability and security across chains, enabling various cross-chain coin transfer mechanisms such as lock/mint, lock/unlock, and burn/mint processes. Following approval from the Celo community, the platform participated in the Chainlink SCALE project, receiving technical support and improved access to Chainlink’s services.
The integration of Chainlink is expected to boost the growth and adoption of the Celo Foundation. The CCIP, with over $10.5 trillion in transfer value, ensures top-notch reliability and security, ranking fifth in cross-chain security. The Risk Management Network plays a crucial role in securing the CCIP, overseeing and validating operations across chains to prevent invalid activity.
Thodoris Karakostas, head of Blockchain Partnerships at Chainlink Labs, emphasized how CCIP’s secure interoperability solution benefits Celo users and developers, allowing them to tap into the multi-chain sector and expand adoption. Eric Nakagawa, Executive Director of the Celo Foundation, highlighted the potential for long-term adoption and growth within the Celo ecosystem with the cross-chain infrastructure in place.
Tags: #Chainlink #LINK.