Cryptocurrency Celo Rises 15% After Barcelona’s Announcement
Just like the stock market, the cryptocurrency market can jump or dip depending on the news published by the users. In a similar instance, Celo, known as a token of Celo or a Proof of Stake Layer of 1 blockchain, witnessed a jump of 15% after a recent announcement made during an event. The announcement was about a $20m incentive campaign, and the revelation was made at the Celo Connect Conference, which was being hosted in Barcelona, Spain.
What is Celo 20m 65msinclaircoindesk ?
Right after the announcement, the price of Celo rose by up to 15% in less than 24 hours. While publishing this article, the trading price of Celo was $4.20. This is approximately 50% higher than the price levels before 30 days.
The plan is called “Connect the World,” and Celo Foundations shared more information about the same. It mentioned that this is an incentive plan with an overall benefit of $20 million. The plan focuses on incentivizing the development of Celo on & off-ramp. The scheme is applicable across the world. While taking advantage of the event, Celo Connect introduced the audience to Fiat Connect. Fiat Connect is an open-source API that is designed for payment providers. The advantage of using the API is that it will make integrations more scalable, reducing the failure rate.
When we talk about the total value, Celo is ranked 19th in decentralized finance. Celo has an estimated market capitalization of $1.8 billion, and it has a significant portion. One of the USPs of Celo is that it also works as a portal for the global payment infrastructure for cryptocurrency-based transactions. The portal uses a phone number as a public key, and a stable value token is issued. With the help of Celo, it is possible to circulate digital assets through devices and countries. So Celo 20m 65msinclaircoindesk means Celo Rises 15% on Barcelona Reveal of $20M ‘Connect the World’ Campaign .
The price increase can be attributed to the positive announcement and the surprise factor.