Initiatives being developed on the Celo blockchain secured $77.3 million in support of numerous business projects, highlighting the rising adoption of the payments-centric developer network. 

Specifically, Celo reportedly issued an announcement on Oct. 27 that initiatives impactMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone and Jia successfully reeled in capital support to boost the adoption of theirWeb3 business models.

The most major funding came from Tatum, a blockchain development platform and early Celo Foundation grant recipient, which snatched $41.5 million. Hyperlane, an interchain communication protocol focused on interoperability, obtained $18.5 million in seed funding led by venture firm Variant.

Initiatives revolves around regenerative finance (ReFi) – nominally impactMarket, Loam and Sanergy – reportedly secured a combined $6 million. ReFi is an emerging paradigm within the crypto community dedicated to using blockchain and Web3 technology to tacke environmental and social problems. 

On the decentralized finance (DeFi) side, RedStone secured $7 million and Jia added $4.3 million in preseed funding.

Celo was reportedly established in 2017 by former GoDaddy executives Rene Reinsberg and Marek Olszewski, which offers payment infrastructure for digital assets via the use of mobile devices, with phone numbers assuming the role of a proxy for private keys. 

In 2018, the firm managed to reel in $6.5 million with financial support from Twitter co-founder Jack Dorsey and Citigroup chairman Dick Parsons, among others.

While crypto is still showing bearish movements across the market, blockchain developers carry on to reel in venture financing in anticipation of developing ecosystem adoption in the future. 

Andreessen Horowitz, among the most major investors in the sphere, remains dedicated to the crypto sphere regardless of incurring billions of dollars in short-term losses because of the bear market.