A consortium of leading decentralized finance (DeFi) protocols announced a collaborative $100 1000000 financial inclusion venture titled "DeFi for the People."

The DeFi applications involved in the project — Aave, SushiSwap, Curve, 0x and PoolTogether, amidst others — will together provide up to $100 million in educational initiatives, grants and incentives in an effort to educate individuals globally about decentralized finance.

The initiative — built on the Celo ecosystem — identified a lack of inclusivity and accessibility in the traditional financial markets and, in turn, aims to apply the decentralized nature of crypto and blockchain to provide finance to the world's 6 billion mobile phone users.

Celo is an open-source blockchain ecosystem consisting of individuals and organizations who work aslope each other to promote global financial inclusion. Its conscious arm, Alliance for Prosperity, includes 150 partners such equally Deutsche Telekom, Coinbase and Andreessen Horowitz.

The mobile-centric platform currently boasts over i 1000000 registered wallet addresses across 113 countries. Product integrations with PoolTogether, SushiSwa, Moola Market, Ubeswap and Valora are the starting time to launch on the platform, with additional integrations set to launch in the coming weeks and months. Also launching on the platform on Monday is PoolTogether's $500,000 prize reward scheme.

The founder of PoolTogether, Leighton Cusak, believes in the ability of reward initiatives to encourage market participation, claiming:

"Research shows prize savings is 1 of the virtually important and constructive 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 virtually from low gas fees and fast transaction times."

Alongside Celo'south noted product partners, the business firm has besides announced that a series of educational organizations — including Chainlink, The Graph, RabbitHole and Wrapped.com — volition support the commitment of education and resources.

Cointelegraph reached out to Celo co-founder Rene Reinsberg for his views on how the initiative promotes inclusivity and accessibility for the globe'south unbanked:

"Of the roughly 5 million people around the earth currently using DeFi applications, less than x% live outside of developed countries. Cost, technical knowledge and cyberspace access shouldn't stand in the way of this revolutionary technology. That'south why nosotros're spearheading DeFi for the People."

"It will make DeFi accessible and get more tools in the easily of more users around the world, and bring the benefits of DeFi to anyone with a mobile telephone. Mobile is the central to bring DeFi to the majority of people who primarily access the internet through their phones," he said.