Huobi Incubator partners Celo to promote Stablecoins for the masses

LONDON, April 25, 2022 /PRNewswire/ -- Huobi Incubator, the project incubation arm of Huobi Global, today announced that it will co-host Celo x Huobi: Stablecoin in Web3 & Sustainability hackathon with Celo, a mobile-first blockchain that makes decentralized financial (DeFi) tools and services accessible to anyone with a mobile phone. The partnership aims to spur stablecoin development in the Web3 field in order to achieve long-term sustainability. This hackathon, to be held from April 27 to June 24, is offering prizes worth a total of US$1 million including a prize pool worth US$500,000 and US$500,000 in venture funding for all winners.

As a mobile-first blockchain that makes decentralized financial (Defi) tools and services accessible to anyone with a mobile phone, Celo aims to break down barriers in the financial space by bringing the powerful benefits of Defi to the users of the 6 billion smartphones in circulation today. Celo hosted a "make crypto mobile" hackathon last year, with more than 2,300 developers participating. Three payment dApps, 21yieldhe, EFFisend, and Xeggo showcased innovation and creativity to emerge as winners in last year's hackathon.

The upcoming hackathon aims to link stablecoins with dApps, DAOs, and DeFi in Web3. Therefore, three challenge categories have been set as follows: the first challenge focuses on building stablecoin related financial solutions on Celo, with a focus on expanding the use of Celo Dollar (cUSD) to emerging markets with high rates of inflation and submitting payment tools and middleware; the second challenge surrounds projects that integrate stablecoins with DAOs, including credit-based finance, crowdsource platforms/ venture DAO, and decentralized charity. The third and last challenge concerns uniting stablecoins with DeFi mobile solutions in order to integrate a Web3 component into DeFi.

From April 27 to June 24, all developers and startup teams who are passionate about stablecoins and Web3 are welcome to register for the hackathon. The hackathon will feature a total prize pool worth US$500,000, in addition to US$500,000 of venture funding. Winners of the hackathon will be awarded prizes in cUSD, listing opportunities and swag boxes. Winners may have the opportunity to receive funding and incubation support from Huobi Incubator in the future as well. The full list of prizes and rewards is as below:

"We envision a world where stablecoins will co-exist with CBDCs and fiat currencies," said Jewel Chen, Head of Huobi Incubator. "The potential for stablecoins is still very much untapped, and we hope this partnership will uncover innovative uses for stablecoins in the near future."

To register for the hackathon, click here.

About Huobi Incubator

Huobi Incubator is a professional, full-cycle project incubator that integrates industry research with investment funds, incubation processes, and accelerators. With the mission of accelerating startup project development across all stages and users, Huobi Incubator helps entrepreneurs and startups overcome obstacles, achieve rapid growth, and work toward their respective visions and goals.

About Celo

The Celo Foundation is a non-profit organization based in the US that supports the growth and development of the open-source Celo Platform. Guided by the Celo community tenets, the Foundation contributes to education, technical research, environmental health, community engagement, and ecosystem outreach—activities that support and encourage an inclusive financial system that creates the conditions for prosperity for everyone.

SOURCE Huobi Incubator