An association made up of top-tier DeFi protocols has reportedly disclosed details of a joint $100 million financial inclusion venture, going by the name “DeFi for the People”. 

Specifically, the DeFi applications associated with the initiative – Aave, SushiSwap, Curve, 0x and PoolTogether, among others – will collaboratively offer a maximum of $100 million in educational projects, grants and incentives, in an attempt to equip people with the sufficient knowledge regarding DeFi. 

The project – designed on the Celo ecosystem – reportedly points out an insufficiency in inclusivity and accessibility in the traditional financial markets, and looks to take advantage of the decentralized nature of crypto and blockchain, to make finance available to 6 billion mobile phone users across the globe. 

Celo reportedly functions as an open-source blockchain ecosystem, made up of individuals and organizations who operate alongside one another, to achieve international financial inclusion.

The network’s conscious division – Alliance for Prosperity – reportedly consists of a total of 150 partners, nominally Deutsche Telekom, Coinbase and Andreessen Horowitz.

The mobile-focused platform reportedly caters to more than 1 million registered wallet addresses throughout 113 nations at the moment. 

Product integrations with PoolTogether, SushiSwa, Moola Market, Ubeswap and Valora are the leading entities to deploy on the platforms, with extra integrations commenced to roll out in the following weeks and months. 

“Research shows prize savings is one of the most important and effective on-ramps into savings for underbanked people. PoolTogether on Celo can facilitate crypto and DeFi adoption for the unbanked and users in developing markets who benefit most from low gas fees and fast transaction times.” The founder of PoolTogether, Leighton Cusak, reportedly shared the beliefs in the power of reward projects to amp up market participation.