Celo Foundation, a decentralized mobile-first platform that aims to create an exclusive digital economy, has recently formed a new partnership. Chainlink, a decentralized computing forum that powers the verifiable web, announced that Celo has officially integrated Chainlink as its cross-chain infrastructure. Chainlink shared this news on its official X account.
In order to provide more information about this collaboration, the Celo Foundation released a blog post on Medium expressing its excitement about the integration. The company emphasized that Chainlink CCIP operates as an L2 on Ethereum and offers cost-effective and fast global payments. The industry-standard interoperability of Chainlink is said to greatly benefit Celo.
Chainlink offers unparalleled levels of reliability and security across various chains. It also enables multiple cross-chain coin transfer mechanisms, including lock/mint, lock/unlock, and burn/mint processes, to support various applications and use cases. After receiving approval from the Celo community, the platform participated in the Chainlink SCALE project, which provided it with efficient technical support and improved access to Chainlink’s services. CCIP offers effective cross-chain infrastructure, facilitating over $10.5 trillion in transfer value while maintaining the highest level of reliability and security. CCIP is ranked fifth in terms of cross-chain security and is supported by the Risk Management Network, an independent network that plays a crucial role in ensuring CCIP’s security.
This integration is expected to increase the growth and adoption of the Celo Foundation. The network closely monitors and validates operations across chains to prevent any invalid activity, thus prioritizing the creation of an interoperable and secure ecosystem. Previously, over $2.8 billion has been lost due to unreliable and unsecured cross-chain infrastructure. Therefore, the aforementioned mechanism aims to prevent such incidents.
Thodoris Karakostas, head of Blockchain Partnerships at Chainlink Labs, commented on this development, highlighting that CCIP’s secure interoperability solution provides benefits to Celo users and developers, allowing them to leverage the multi-chain sector and expand Celo’s adoption. Eric Nakagawa, Executive Director of the Celo Foundation, believes that the integration of cross-chain infrastructure will contribute to the long-term adoption and growth of the Celo ecosystem.