The crypto market is getting off to a slow roll this Monday, with most of the largest projects losing or trading sideways. However, one project is gaining attention today, standing out against the pack with double-digit gains to begin the week: Celo (CELO-USD). Thanks to a news-packed conference, the CELO crypto is kicking off. Now, investors are flocking to the crypto payments play in hopes that it can keep up the pace.
The Celo network is built specifically to address crypto adoption across smartphone technology. As such, it presents one of the world’s first mobile-only blockchain networks. According to developers, Celo has over 1,000 projects on its platform already, all built to make decentralized finance (DeFi) easier in the palm of one’s hand.
Use cases across the Celo network are tied primarily to providing stablecoin support for its users. Celo has several of its own stablecoins, including one pegged to the U.S. dollar and another pegged to the euro. Users can store these assets on non-custodial wallet services on the platform. Alternatively, they can trade them. The network also supports an innovative public key service tied to phone numbers. Conducting a transaction is as easy as sharing a phone number, eliminating long, randomized wallet addresses.
Celo might not be the most widely known crypto project, but it is slowly becoming one of the largest. Now among the top 100 projects in the world, it boasts a market capitalization of over $1.8 billion. This is thanks in part to a slew of high-profile investors, including Andreessen Horowitz’s crypto investing branch a16z and Block (NYSE:SQ) founder Jack Dorsey.
CELO Crypto Sees Big Gains on Connect Conference Start
As the CELO crypto continues to pave its way toward the top layer-1 ecosystems in the world, developers are looking to get investors excited and draw in new money. Today, Celo is doing this through the Celo Connect conference.
Conferences in the crypto world are not uncommon. These events give developers an avenue through which to unload big announcements, update roadmaps and drum up some good publicity. Celo’s Connect conference is the network’s own event, taking place over two days in Barcelona. This morning saw the event kick off.
So, Celo’s first big announcement of the conference? It’s rolling out its “Connect the World” initiative. Connect the World is aimed to push broader adoption of crypto payments globally, doing so through cash incentives. Basically, the network will be spending $20 million to reward payment providers who implement FiatConnect services on their platforms.
FiatConnect is an on-ramp through which users can easily pay with crypto. It enables users to quickly convert fiat to a crypto of their choice. The service is also an off-ramp, allowing funds to be converted back to fiat and unloaded quickly as well.
This news is helping to drive up CELO crypto prices with ease. With gains of over 13% today, this coin is one of the highest-performing assets heading into the week. Volume continues to rocket as well; with over $530 million in CELO crypto swapping hands, volume has more than doubled in the last 24 hours.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
