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
This week’s announcement stated that $20 million had been allocated by the Celo Foundation for the 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.”
Celo has also created FiatConnect, an open source API specification for payment providers. It simplifies 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. Celo fell due to market corrections, and reached a low of $2 in February.
It gained some ground over the next weeks, and ended April at just above $3.1. The asset took the offensive over the next few days after the announcement and jumped to $5 earlier today.
This became Celo’s highest price level since mid-January. It is currently at $4.8. However, the cryptocurrency is still up 60% in five days.