The Celo Foundation launched a $20 million initiative to invest in on- and off-ramps on the Celo blockchain.
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.