Celo (CELO) price has been on the rise today outpacing other crypto assets in the market after most of them failed to maintain last week’s bullish trend.
At the time of writing, Celo was trading at $4.80, up 14.10% after retracing from a high of $5.19 close to a three-month high of $5.22 in the last 24 hours.
Let’s now take a deep dive into the current Celo price uptrend
Why is Celo price rising?
Before we go into details of the rally, it’s important to first explain what Celo is.
Celo is a blockchain system that aims at increasing crypto adoption among smartphone users. It aims at introducing crypto transactions using phone numbers as public keys for crypto transactions even for those who do not have banking access. Celo’s native cryptocurrency is denoted as CELO.
Now onto the reasons behind the Celo price surge.
There are two main reasons for the current hike in CELO price and there are:
1. $20M fund by Celo Foundation announcement for Connect the World fund
One of the main reasons for the price hike is the latest launch of a $20 million fund by the Celo Foundation for a project dupped ‘’Connect the World’’ aimed at improving offramps and onramps to crypto users.
Besides, the Foundation is offering incentives to payment providers integrating its new FiatConnect service. The service will help in the conversion of fiat money into crypto assets.
However, Celo is planning to do things differently from other networks by embracing the mass adoption of crypto sectors like NFTs and DeFi through mobile mobility.
Celo is getting support from Deutsche Telekom with Andreessen Horowitz and some crypto-native firms funding the network.
2. Barcelona's Celo Connect Conference
The launch of the new fund was made yesterday (Monday) on the first day of Celo Connect, a two days conference held in Barcelona.
With the conference expected to wind up today, it will mainly focus on the layer 1 blockchain ecosystem and more development on the network like the new DAO partnership with PrimeDAO.