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Context
Demand for wages in cryptocurrency is increasing. For many organizations that manage a global workforce, finding appropriate financial solutions across multiple geographies is burdensome. The need for an effective solution only grows with the burgeoning gig economy market - estimated to be $250 Billion in 2020. With low fees, full transparency, and a suite of user-friendly features Celo offers employers an attractive solution to manage payroll and contractor payments.
Challenges
High fees. Financial intermediaries charge large fees for cross border transfers and payments to individuals, diverting much needed aid from the end recipient.
Long transaction times. Intermediaries and middlemen often introduce long lead times for transactions.
Benefits
- Simplified cross-border payments for a global workforce. Companies can offer payment with Celo rather than dealing with a suite of localized payment solutions.
- Lower transaction costs. Unlike centralized systems, there are no financial intermediaries that need to make profit through transaction fees. With Celo, you can send a transfer to any phone number in the world for as low as fractions of a penny.
- Greater transparency and traceability. Transactions are recorded on an immutable ledger, making it extremely easy to trace funds from their origin to intended recipients. No person has the authority to edit the ledger and the record is open and easily auditable.
- Flexibility and customizability: Celo is an open protocol that is fully compatible with Ethereum. With a wide range of tools, anyone can develop third party applications (dApps) on the platform. Currently there are over 200 teams building solutions for everything from decentralized finance, travel booking, payments, and more.
- No volatility with stablecoins. Transact in Celo Dollar (cUSD) or Celo Euro (cEuro) with all the benefits of a decentralized digital currency without the volatility.
Case Study
Bitwage, an organization with 50,000 users that has processed +$100MM in transactions across the globe in +100 countries recently integrated cUSD. Hear about why they picked Celo in their own words.
"Simply put, cUSD is fast, easy, and touchless. Some people even call it "Venmo for Crypto." However, more than that, it puts financial power in the hands of those who lack it.
One of the more striking examples is the African company Kotani Pay. Powered by the Celo blockchain and a cUSD payment structure, mobile users in Africa can establish assets or even build their credit history in order to receive loans.
Another big "why" behind this partnership is a shared belief that global population should have the ability to access and send money from anywhere for a minimal cost. With access to a mobile phone, this is exactly what Celo provides. cUSD can be sent instantly to virutally anyone in the world for as little as $0.01.
Now that's what we call financial liberation."