How to Buy
Celo

Find out how to buy Celo and other cryptocurrencies on Crypto.com.

Introduction

Celo is a decentralised, mobile-first blockchain platform designed to facilitate global financial inclusion by making decentralised applications (dapps) and cryptocurrency payments accessible to anyone with a smartphone. Launched in 2020, Celo employs a Proof of Stake (PoS) consensus mechanism and is compatible with the Ethereum Virtual Machine (EVM), allowing developers to seamlessly deploy smart contracts and dapps. The platform supports a range of native stablecoins, such as cUSD, cEUR, and cREAL, which are pegged to their respective fiat currencies, enabling users to transact with stable value. Celo’s architecture emphasises low transaction fees and fast finality, making it suitable for everyday mobile transactions. The native token, CELO, is used for governance, staking, and transaction fees within the network. Celo’s commitment to sustainability is reflected in its carbon-negative status and participation in initiatives aimed at environmental health. The platform continues to evolve, with plans to transition into an Ethereum Layer-2 solution to enhance scalability and interoperability within the broader blockchain ecosystem.

Step-by-step

Create an account

Download the App and start the sign-up process. Users need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying the ID may take longer than a few minutes, depending on where you live.

Add a payment method

Tap on the payment method box and connect a payment method. Users can use a bank account, debit card, or initiate a wire.

Start a trade

On Crypto.com, select Buy & Sell. In the Crypto.com App, tap the ( + ) Buy on the Home tab.

Select Celo from list of assets

On Crypto.com, click the Buy panel to search and select Celo. In the Crypto.com mobile App, search for Celo by typing ‘Celo’ into the search bar. When Celo appears in the results, tap it to open up the purchase screen.

Enter the amount you want to buy

Use the number pad to input the amount in local currency to spend. The App will automatically convert that into a Celo amount. Users can tap the arrow buttons to the right of the dollar amount to switch the number to the equivalent amount of Celo.

How to Store Crypto

Another decision to make when buying Celo is how it will be stored. Cold wallets (also known as hardware wallets) are physical, offline devices that hold the private keys used to access the cryptocurrency. They are not vulnerable to software attacks but may not be suitable for beginners. Learn more about the pros and cons of hardware wallets and how to choose the right one here.Hot wallets are connected to the internet, making the user’s cryptocurrency more accessible on a daily basis, whether for spending or trading. Security, regulatory compliance, and privacy should be top of mind when deciding on a hot wallet, like the Crypto.com App, the industry leader in security.Crypto.com is the first cryptocurrency company in the world to obtain several independently assessed certifications. The company has also released its Proof of Reserves (PoR), which is a way to ensure that a platform holds enough assets to cover all of its client balances. The PoR was conducted and certified by an independent auditor to ensure the integrity and anonymity of the entire process. Crypto.com’s users can view the PoR report and verify their funds.

How to Sell Celo

After buying Celo, Crypto.com App users always have the option to sell it for other cryptocurrencies or fiat currencies. Here’s how to sell Celo:1. Tap ‘Sell‘ on the Crypto.com App home screen.2. Under Crypto, select Celo to buy and tap ‘Sell’ again.3. Review the transaction details and tap ‘Continue’.4. Confirm the transaction with a passcode or biometric verification.

Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.