The “Connect the World” fund, announced yesterday, helped raise Celo (CELO).
CELO, the native token of the eponymous blockchain protocol, rose to a three-month high of $5.19 earlier today. CELO was last traded at these levels in early January, according to CoinMarketCap data. The cryptocurrency was hovering around $4.87 at the time of writing.
According to CoinGecko data, the token has increased by 24% in the last 24 hours and by 50% in the last 1 week. The latest price action also pushed the token’s market cap to over $2 billion.
Celo’s $20 million fund
Token price hike came in the middle of the Celo Connect event, a two-day conference that kicked off Monday in Barcelona. One of the highlights of the first day of the conference was the announcement of “Connect the World,” the Celo Foundation’s $20 million initiative to promote global adoption of crypto payments.
The foundation will offer cash incentives to reward payment providers who decide to implement FiatConnect, an open-source API that allows users to quickly convert fiat to a crypto of their choice. It also announced a partnership with PrimeDAO, a developer collective it calls “next generation coordination tools” for decentralized autonomous organizations (DAOs). The partnership will be part of the ReFi (Regenerative Finance) movement, with the goal of “accelerating the construction of DAOs in web3 and climate connectivity”.
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