The price of Celo (CELO) has risen today, outperforming many other crypto assets after most failed to sustain last week’s bullish momentum.
At the time of writing, CELO traded at $4.80, up 14.10% after retracting from a high of $5.19 — close to a three-month peak of $5.22 reached within the past 24 hours.
Below is a closer look at the current upward trend in Celo’s price.
Why is the price of Celo rising?
Before examining the drivers behind the rally, it helps to briefly explain what Celo is.
Celo is a blockchain platform focused on increasing crypto adoption among smartphone users. It aims to simplify crypto transactions by allowing phone numbers to function as public keys, making access to crypto services easier for people without traditional banking. The network’s native token is CELO.
Now for the reasons behind the recent price appreciation.
There are two primary factors contributing to CELO’s current uptick:
1. Celo Foundation announces $20M fund for the “Connect the World” initiative
A major driver of the price move is the Celo Foundation’s launch of a $20 million fund for a program called “Connect the World,” designed to improve fiat on-ramps and off-ramps for crypto users.
The foundation is also offering incentives to payment providers that integrate its new FiatConnect service, which helps convert fiat currency into crypto assets.
Celo intends to differentiate itself by promoting mass adoption across crypto sectors such as NFTs and DeFi through mobile-first solutions.
The project has backing from partners including Deutsche Telekom, Andreessen Horowitz, and several crypto-native firms that help finance the network.
2. Celo Connect conference in Barcelona
The fund announcement was made yesterday (Monday) on the opening day of Celo Connect, a two-day conference taking place in Barcelona.
The event—which continues today—focuses on the layer-1 blockchain ecosystem, upcoming network developments, and new collaborations, including a DAO partnership with PrimeDAO.