CELO’s price went up by more than 60% since the start of April to its highest point in over three months. This comes amid the project’s latest initiative that plans to spend $20 million to incentivize the development of Celo on- and off-ramps.
Celo’s Connect the World project
The announcement earlier this week informed that the Celo Foundation has allocated $20 million to the new Connect the World campaign. The main objective is to invest in teams and projects wishing to develop “high quality Celo access and exit ramps all over the world”.
Additionally, Celo also introduced an open-source API specification for payment providers dubbed FiatConnect. It aims to simplify the integration process.
The campaign began with an offer of $50,000 to the first payment provider in each country to integrate FiatConnect and “demonstrate an on-ramp and off-ramp that meets the quality bar.”
“The Foundation will also subsidize on-ramp fees of up to $100,000 for all providers, making it more affordable for users to access Celo assets.”
The new initiative will work with the three stablecoins launched by the Celo Foundation – cUSD, pegged to the US dollar, cEuro – which tracks the value of the euro, and cREAL – which tracks the value of the Brazilian real.
CELO Taps 3-Month High
The price of the project’s native cryptocurrency began the year on a high note by surging to and beyond $6. However, the market-wide correction drove Celo south, which culminated in a low of $2 registered in late February.
The asset recovered ground over the following weeks and entered April at just over $3.1. However, it went on the offensive over the next few days, especially since the aforementioned announcement, and broke above $5 earlier today.
This became Celo’s highest price level since mid-January. As of now, it has retraced a bit and sits at $4.8. Nevertheless, this still means that the cryptocurrency is up by 60% in five days.
