After failing to maintain last week’s bullish trend, the price of Celo (CELO) is rising in comparison to other crypto assets in the market today.
At the time of writing, Celo was trading up 14.10% at $4.80, after retracing from the three-month high of $5.22 near the $5.19 high over the past 24-hours.
Let’s now take a deeper dive into the current Celo price uptrend
Why is the price of the cello rising?
Before going into the details of a rally, it is important to first explain what a cello is.
Celo is a blockchain system that aims to increase crypto adoption among smartphone users. It aims to initiate crypto transactions using phone numbers as public keys for crypto transactions, even for those who do not have banking access. The native cryptocurrency of Celo is denoted as CELO.
Now on to the reasons behind the jump in the price of Celo.
There are two main reasons for the current increase in the price of CELO and they are:
1. Celo Foundation Announces $20M Fund for Connect the World Fund
One of the main reasons for the price increase is the latest launch of a $20 million fund by the Celo Foundation for a project called “Connect the World”, which aims to improve onramp and onramp for crypto users.
In addition, the foundation is offering incentives to payment providers integrating its new FiatConnect service. This service will help in converting fiat money into crypto assets.
However, Celo plans to do things differently from other networks by mass adoption of crypto sectors such as NFT and DeFi through mobile mobility.
Celo is backed by Andreessen Horowitz from Deutsche Telekom and some of the crypto-native firms that fund the network.
2. Barcelona’s Celo Connect Conference
The new fund was launched yesterday (Monday) on the first day of Celo Connect, a two-day conference in Barcelona.
With the conference expected to conclude today, it will primarily focus on more developments on the Layer 1 blockchain ecosystem and network such as the new DAO partnership with PrimeDAO.