While Bitcoin is consolidating, it’s altcoins’ time to score new highs, and one coin in particular has been especially popular this week – CELO, the currency of the namesake blockchain.
Celo was conceived as a mobile-first blockchain with a BFT consensus aiming primarily at facilitating payments, but also allowing DApps development on it. Launched in 2017, Celo has gathered over $65M in institutional investment since.
This week Celo announced a $100M funding for grants, education and token rewards from major DeFi protocols, such as Aave, Curve, Sushi and others. Celo is very popular in Africa thanks to its mobile-native nature, and this education initiative would allow millions of people who sometimes don’t even own a computer, to access DeFi and its products.
This is the future of finance, and the markets certainly got the idea: CELO price more than doubled in the beginning of the week, but corrected since to an “only” 31% gain.