The Celo Foundation launched a $20 million initiative to invest in on- and off-ramps on the Celo blockchain.
CELO’s price went up by more than 60% since the start of April to its highest point in over three months. This comes amid the project’s latest initiative that plans to spend $20 million to incentivize the development of Celo on- and off-ramps.from earlier this week informed that the Celo Foundation had allocated $20 million for the new Connect the World campaign. The main focus is to invest in teams and projects wanting to develop “high-quality Celo on- and off-ramps around the globe.
The campaign started with a $50,000 offer to the first payment provider in each country to incorporate FiatConnect and “demonstrate an on- and off-ramp that meets the quality bar.” The new initiative will work together with the three stablecoins launched by the Celo Foundation – cUSD, pegged to the US dollar, cEuro – which tracks the value of the euro, and cREAL – which tracks the value of the Brazilian real.The price of the project’s native cryptocurrency began the year on a high note by surging to and beyond $6. However, the market-wide correction drove Celo south, which culminated in a low of $2 registered in late February.
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