Celo Posts 22.7% Rally on $20M Fund Launch

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Celo is outpacing most different belongings available in the market. 

Celo Hits Three-Month Excessive 

Celo, the Layer 1 blockchain targeted on “mobile-first” DeFi, is hovering. 

The CELO token is up 22.7% right this moment and briefly hit a 12-week excessive of $5.22. It’s since cooled off, buying and selling at $4.87 at press time. 

Per knowledge from CoinGecko, CELO has jumped 68.8% within the final 14 days amid a brand new wave of momentum available in the market. Though it’s nonetheless round 50% off its August 2021 excessive, it’s is presently taking the lead in a market that’s exhibiting hints of returning to its former energy. A number of different Layer 1 tokens, reminiscent of Solana, Terra, Avalanche, and NEAR, have additionally loved rallies in current weeks. 

In contrast to most different main Layer 1 networks, Celo is hoping to usher in mass adoption for crypto sectors like DeFi and NFTs by optimizing for cell utility. Certainly one of its main backers is Deutsche Telekom, and it’s additionally acquired funding from Andreessen Horowitz and different crypto-native companies. 

Whereas Celo has had an uptick over the previous few weeks, one cause for the newest surge may be the Celo Basis’s announcement of “Join the World,” a $20 million fund aiming to enhance onramps and offramps for crypto customers. The inspiration is providing incentives to fee suppliers who combine its new FiatConnect service, which is able to assist customers convert fiat cash to crypto belongings. 

The Celo Basis introduced the brand new fund on the primary day of Celo Join, a two-day convention that began Monday in Barcelona. The convention is especially specializing in the Layer 1 blockchain’s ecosystem, with different developments from the occasion, together with a brand new DAO partnership with PrimeDAO. The occasion wraps up right this moment. 

Disclosure: On the time of writing, the writer of this piece owned NEAR, ETH, and several other different cryptocurrencies. 

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