cLabs Acquires Summa to Boost Crypto Interoperability on Celo
The token-funded startup cLabs just acquired the decentralized finance (DeFi) startup Summa, best known for making wrapped Ethereum tokens that can represent locked amounts of bitcoin. The acquihire bolsters cLabs’ multifaceted engineering team, which specializes in Bitcoin, Zcash and Cosmos projects in addition to Celo software projects.
Along those lines, cLabs engineer Tim Moreton said the goal is to make sure people with established roles in different crypto projects are involved with the Celo community as well. Moreton added the priorities for 2020 are smoothing value transfers in and off of the Celo platform, including value from Bitcoin or Ethereum, and getting the Celo mobile app “into the hands of thousands and thousands of people … who don’t have cheap or easy access to financial services, but they do have access to a smartphones.”.
