PayU acquires CELO tokens to start its stablecoin payment program.
The pair plan to launch new stablecoin payment options for PayU’s 450,000 merchant customers using cUSD, Celo’s dollar-pegged stablecoin. Together, PayU’s clients serve millions of people across Latin America, Africa, and Southeast Asia.
PayU has announced a “significant purchase” of CELO, the utility and governance token native to the Celo blockchain. PayU has also partnered with infrastructure firm First DAG, which operates a platform that connects merchants with their bank of choice to ease the technical burden of accepting stablecoin payments.
Mario Shiliashki, CEO of Global Payments Organisation at PayU, said the move aligns with the company’s vision for “a world without financial borders.”
Joining the Celo Alliance
Celo operates a decentralized, proof-of-stake blockchain which serves as the underpinning for mobile-first payment applications.
“This ecosystem built between First DAG, PayU, and Celo is the perfect example of how digital assets can deliver in practice on its promise to democratize access to money anywhere in the world,” said Chuck Kimble, head of the Celo Alliance for Prosperity.