The $20 million that will be put into the “Connect the World” fund will be used to create ramps into the Celo network.
CELO, the native token behind the eponymous blockchain protocol, is leading the charge. The token reached a three-month high of $5.19 in the early hours of Tuesday.
The last time CELO traded at those levels was at the beginning of January, according to data from CoinMarketCap. The token is still up more than 20% over the last day and 42% in the past week despite a correction to $4.89 at writing.
The token saw its market cap swell to over $2 billion as the latest price action saw it climb into the top-60 largest Cryptocurrencies.
What is Celo?
Backed by several high-profile investors, including a16z, Polychain Capital, and Jack Dorsey’s Block (formerly known as Square), Celo is a layer-1 proof-of-stake (PoS) network promising access to a variety of applications.
The Celo network is a smart contract-enabled network that allows users to create applications that target sectors such as Defi and NFTs.
Celo has three coins, including the Celo U.S. Dollar (cUSD), Celo Euro (cEUR), and the recently added Celo Real (cREAL) focus on the platform’s user base in Brazil.
“The company’s mission is to build a financial system that creates the conditions of prosperity for everyone. Celo enables native and non-native digital assets—both cryptographic and Central Bank Digital Currencies (CBDCs)—to circulate freely across devices, carriers, and countries,” reads the description of Celo’s mission.
Celo’s $20M fund
The Celo Connect event, a two-day conference that kicked off on Monday in Barcelona, pushed the token price up.
One of the highlights of the first day of the conference was the announcement of the Celo Foundation’s $20 million initiative.
Cash incentives will be offered by the Foundation to reward payment providers who implement an open-sourced platform that allows users to quickly convert their preferred currency to another.
It also announced a partnership with PrimeDAO, a developer collective that is building what it calls “next- generation coordination tools”.
The goal of the partnership is to accelerate the building of DAOs at the intersection of climate and web3.
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