In this interview, we will explore the initiatives called “Connect the World” and “Fiat Connect” launched by the Stella Foundation. These initiatives aim to address a significant challenge in the Celo ecosystem: on and off ramps for fiat currency. The goal is to make it easier for everyday users to access Celo assets in a simple, fast, and reliable manner. The initiatives currently exist in 23 countries, but the aim is to expand the coverage to over 100 countries within a year. To support this endeavor, the Stella Foundation is committing up to $20 million.
On and off ramps refer to the processes through which users can enter or exit the Celo ecosystem using fiat currency. These ramps serve as bridges between traditional financial systems and the world of cryptocurrencies. They are essential for enabling users to convert fiat currency into Celo assets and vice versa. Currently, accessing on and off ramps can be challenging for average users who are not familiar with cryptocurrency exchanges or complex workflows.
The primary objective of Connect the World and Fiat Connect is to make on and off ramps more accessible to everyday users, including those who are not experienced cryptocurrency traders. The Stella Foundation aims to simplify the process and reduce costs, allowing individuals, such as your parents, to easily access Celo assets. By achieving this, users will gain a low-cost, fast, and reliable way to enter or exit the Celo ecosystem.
Connect the World and Fiat Connect currently operate in 23 countries. However, the Stella Foundation’s ambitious plan is to expand coverage to over 100 countries within a year. To incentivize providers to participate, the foundation is offering financial support. The first provider in a country will receive $50,000 to establish working on and off ramps. Additionally, on-ramp fees will be subsidized up to $100,000.
Fiat Connect introduces an API specification that facilitates the integration of on and off ramps between wallets and cashing out providers. This specification streamlines the process, making it easier for wallets and cashing out providers to integrate with the Celo ecosystem. By using the Fiat Connect API, developers can create seamless and scalable solutions for on and off ramps.
On and off ramps are a significant step toward creating global prosperity. Once these ramps are widely accessible, people will be able to perform various activities, such as sending money to loved ones abroad, paying employees worldwide, or providing aid through NGOs. The existence of efficient on and off ramps removes barriers and ensures that Celo assets can be easily utilized for various purposes. This initiative is a major step forward in achieving prosperity for all.
Connect the World and Fiat Connect initiatives launched by the Stella Foundation aim to simplify and expand on and off ramps in the Celo ecosystem. By providing accessible and low-cost solutions, everyday users will be able to enter and exit the Celo ecosystem with ease. The inclusion of a fiat Connect API specification further enhances the integration process. Ultimately, this initiative will contribute to global prosperity by enabling individuals to utilize Celo assets for various purposes around the world.