Celo, an open-source blockchain ecosystem focused on making decentralised financial (DeFi) systems and FinClusive, a hybrid fintech platform providing accounts and payments solutions provider today announced a partnership designed to provide a fully compliant US dollar on and off ramp for cUSD by leveraging Valora, a mobile-first digital wallet native to the Celo Platform.
According to a company statement, through this partnership, FinClusive’s AML/KYC capabilities will now be integrated with Valora, built on Celo, enabling consumers to fund cUSD in the Valora wallet directly from their bank accounts. In addition to the Valora integration, this partnership will permit the integration of a compliant US Dollar on and off ramp. This will be accessible to anyone in the Celo community building peer-to-peer applications with financial crimes compliance (FCC) controls and capabilities.
“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,” said Jai Ramaswamy, Chief Risk and Compliance Officer at Celo.
In January, Celo launched Valora, a mobile wallet used by more than 200K users globally. Celo had also recently announced a partnership with Deutsche Telekom AG, Europe’s largest telecommunications company.
FinClusive launched its Compliance as a Service (CaaS) application in late 2019 and came to market with its Accounts & Payments (A&P) platform in late 2020, providing its customers and partners access to its growing US bank of record partners and ability to on and off-ramp between virtual assets and fiat for payments of all types.