Moola joins the Celo Alliance for Prosperity to make DeFi accessible to everyone
Anyone who saves in Celo Dollars can now earn compound interest with Moola
Moola, a money market protocol built on the Celo blockchain, is proud to announce that we have joined the Celo Alliance for Prosperity. The Alliance is a community of mission aligned organizations committed to building an open financial system that creates conditions of prosperity for all.
Moola will initially contribute to the Alliance’s mission by enabling anyone who saves in Celo Dollars (cUSD) to earn compound interest. Depositors can start saving with as little as 0.01 cUSD and are able to withdraw at any time. The cost to deposit or withdraw from a Moola market is less than 0.001 cUSD per transaction. Interest is compounded every block or approximately every 5 seconds.
“The team behind Moola has been with the Celo community since the beginning, running a validator on the network and one of the winners of Celo Camp. We’re thrilled to welcome them to the Celo Alliance and empower Moola to build new DeFi solutions with and for communities around the world,” said Chuck Kimble, Head of the Celo Alliance for Prosperity.
The easiest way for savers to access Moola is by linking their Valora mobile payments app at https://app.moola.market. Technical users or algorithmic traders can access Moola markets by leveraging our CLI commands. We will soon be adding support for desktop and hardware wallets.
Moving forward, Moola plans to contribute to the Alliance by adding support for additional money markets such as cEUR. Over time, savers around the world will be able to earn compound interest in the currency of their choice.
“We believe the Celo community has the power to build a new financial system focused on prosperity for everyone. Moola is a key component of this movement and is accelerating a new category of DeFi that is accessible to anyone with a smartphone,” said Patrick Baron, founder of Moola.
Moola plans to introduce access to micro-loans for creditworthy borrowers by leveraging credit delegation. This will be achieved by working with local credit delegators in under-served communities.
Moola will also expand the ability for charities to fundraise by soliciting interest only donations. This new model of giving only requires a donor to deposit their funds for some period of time. While the funds are deposited, any interest earned is automatically redirected to the charity. Once that period of time has passed, the donor is able to withdraw their principle.
Please share your ideas on DeFi for everyone by joining the conversation at chat.celo.org.