05 Apr CELO Skyrockets to 3-Month High After Launching $20 Million Incentive Program
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 from earlier this week informed that the Celo Foundation had allocated $20 million for the new Connect the World campaign. The main focus is to invest in teams and projects wanting to develop “high-quality Celo on- and off-ramps around the globe.”
Additionally, Celo also introduced an open-source API specification for payment providers dubbed FiatConnect. It aims to simplify the integration process.
The campaign started with a $50,000 offer to the first payment provider in each country to incorporate FiatConnect and “demonstrate an on- 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 together 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 some ground in the following weeks and entered April at just over $3.1. However, it went on the offensive in the next few days, especially since the aforementioned announcement, and spiked 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.
CELOUSD. Source: TradingView
Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]