CELO Trims Gains as Positive News Fueled Rally Stalls
The Celo (CELO) network’s native token rose the most among all of the top 100 cryptoassets by market capitalization today before trimming some of its gains.
As of 16:32 UTC, CELO was up by 8% for the past day and 43% for the past 7 days. The token traded at a price of USD 4.65 after reaching a high of just over USD 5.2 earlier in the day. The price is also up 62% in a month and 5% in a year.
The gains today mark the peak of a period of solid price growth that started around mid-March, when the token was trading at just USD 2.4. However, CELO still remains below a peak from January, and well below its all-time high of around USD 10, reached in August last year.
CELO price year-to-date:
The strong performance today comes after the Celo Connect conference in Barcelona, Spain opened its doors on Monday, with high-level speakers such as Chris Dixon, a partner at venture capital firm Andreessen Horowitz (a16z), confirmed to be attending.
The first day of the conference covered topics such as payments systems in developing countries, carbon credits, and a concept referred to as “regenerative finance” – Celo’s idea for how decentralized finance (DeFi) solutions can have a positive impact on the improvement.
Meanwhile, a new development campaign, dubbed Connect the World, was also announced on Monday, with the Celo Foundation dedicating USD 20m to incentivize the development of more on- and off-ramps for Celo.
The plans include a new open-source application programming interface (API) specification for fiat payment providers called FiatConnect, which is expected to simplify integrations
Additionally, a subsidy to make Celo on-ramps more affordable for users was also announced. The subsidy is worth USD 100,000, and is to be spread across all service providers.
Celo is a proof-of-stake blockchain network that has promoted itself as a more eco-friendly alternative to other blockchains. It describes itself as dedicated to financial inclusion by giving access to digital assets to everyone.
The network so far supports the three stablecoins CUSD, CEUR, and CREAL, which track the value of the US dollar, the euro, and the Brazilian real, respectively.
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