CELO Surges To 3-Month High After Incentive Program Launch

CELO surged to 3-month high after the new incentive program launch worth $20 million as we can see more today in our latest crypto news today.

CELO surged to 3-month high and went up by 60% since April started and this is the highest point in over three months which came amid the project’s latest initiative which plans to spend up to $20 million and incentivize the development of on-off ramps for CELO.  The announcement from earlier this week informed that the Celo Foundation allocated $20 million for the new Connect the World campaign with the main focus being to invest in projects and in new teams to develop high-quality CELO on/off ramps around the globe.

CELO also introduced an open-source API specification for payment providers dubbed Fiatconnect which aims to simplify the integration process. The campaign started with a $50,000 offer to the first payment provider in every country to incorporate the fiat and to show how the on/off ramps meet 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 initaitive will work together with the three stablecoins launched by the foundation which are pegged to the EUR, dOllar, and the Brazilian real. The price of the project’s native cryptocurrency started the year on a high note by surging to and beyond $6. However, the market-wide correction boosted CELO south and culminated in a low of $2 registered at the end of February. The asset recovered ground in the next few weeks and entered April at $3.1 but it went on the offensive in the next few days, especially since the announcement, and spiked higher than $5 earlier today. This became Celo’s highest price level and but now it retraced and sits at $4.8 which still means that the crypto is up by 60% in the past week.

As recently reported, As a part of the efforts to achieve its multi-chain goal, Polkastarted integrated Avalanche. The move to integrate it commenced after the success of the latest integration by the company with Celo. The new decision is now a part of the effort to become a global multichain as integrating Avalanche will make it available for IDOs and fixed swaps. With the integration, the users of the platform can take part in more IDOs by having access to the Avalanche ecosystem so the users can now pay lower network charges after the integration.