Open source blockchain ecosystem Celo has teamed up with FinClusive, which provides accounts and payment solutions with embedded AML tools.
The agreement hopes to provide a fully compliant US dollar on and off ramp for the stable coin cUSD. It hopes to achieve this through Valora, a mobile-first digital wallet native to Celo, which enables users to save, send and spend cryptocurrency as easily as sending a text.
This partnership will see FinClusive’s AML and KYC services integrated with Valora, which will enable consumers to fund cUSD directly in the wallet from their bank accounts.
Additionally, the agreement will support the implementation of a US dollar on and off ramp, providing users with peer-to-peer applications with financial crimes compliance controls and capabilities.
The Valora service launched in January 2021 and is already used by more than 200,000 useres around the world.
Celo chief risk and compliance officer Jai Ramaswamy said, “The launch of the Valora app on Celo was an important milestone in Celo’s journey to offer mobile-first, inclusive DeFi solutions for consumers across the globe.
“In leveraging FinClusive’s payments and compliance stack, developers on Celo will be able to address a key limitation typically experienced by users of non-custodial wallets and other DeFi solutions: the ability to move funds quickly between user’s bank accounts and non-custodial wallets on Celo.
“By providing an efficient, cost-effective and compliant way to cash in and out of cUSD on the Celo platform, this partnership with FinClusive will enhance the ability of Celo users to access stablecoins and DeFi solutions on Celo, ensure AML/KYC and monitoring tools are in place, and lead the way toward a more inclusive financial future. This partnership demonstrates that the goals of financial integrity and financial inclusion do not have to conflict.”
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