Celo Foundation, a platform that is focused on establishing a digital economy, has announced a new partnership. Chainlink, a decentralized computing forum, has integrated with Celo as its official cross-chain infrastructure. The announcement was made by Chainlink on its official account.
In order to provide more details about the integration, Celo Foundation published a blog post on Medium expressing its excitement. The post highlighted that Chainlink CCIP operates as an L2 on Ethereum and offers cost-effective and fast payments globally. The industry-standard interoperability of Chainlink is expected to greatly benefit Celo.
Chainlink provides unmatched levels of reliability and security across the chains. It also enables various cross-chain coin transfer mechanisms, such as lock/mint, lock/unlock, and burn/mint, which support multiple applications and use cases. After receiving approval from the Celo community, the platform participated in the Chainlink SCALE project. This gave Celo access to technical support and services from Chainlink. CCIP provides efficient cross-chain infrastructure, enabling over $10.5 trillion in transfer value while maintaining a high level of reliability and security. CCIP has achieved the fifth and highest level of cross-chain security. The Risk Management Network plays a crucial role in ensuring the security of CCIP.
The integration is expected to drive the growth and adoption of Celo Foundation. The network oversees and validates operations across the chains to prevent invalid activity and ensure a secure ecosystem. The unreliable and unsecured cross-chain infrastructure has resulted in the loss of over $2.8 billion. The integration aims to prevent such events from occurring.
Thodoris Karakostas, the head of Blockchain Partnerships at Chainlink Labs, commented on the integration, stating that CCIP’s secure interoperability solution will benefit users and developers on Celo, allowing them to leverage the multi-chain sector and expand Celo’s adoption. Eric Nakagawa, the Executive Director of Celo Foundation, believes that the cross-chain infrastructure will contribute to the long-term adoption and growth of the Celo ecosystem.
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