Rene Reinsberg Discusses The Celo Foundation’s Recent $10...

May 17, 2020 02:30 UTC

| Updated:

May 17, 2020 at 02:30 UTC

By Kapil Gauhar

The Celo Foundation raised $10 million for its blockchain platform known as Celo in a dutch auction on CoinList on May 12.

The auction sold out inside 12 hours, with Celo Gold (cGLD) tokens selling for generally $1 each. Token holders will have the option to take an interest on the Celo platform.

509 buyers from 62 nations took an interest in the auction, with every purchaser posting a normal offer size of $22,076. 132 nations had enlisted for the auction, with the most elevated interest originating from Europe and Asia.

Celo Raises $40 Million Up Until Now

The raise expands on the $30 million in funding Celo raised a year ago, including interest from Polychain Capital, a16z, and Andressen Horowitz, among others.

The auction additionally observed $504,338 in cGLD circulated as rewards, incorporating $4,150 in associate rewards from 83 fruitful referrals.

The primary phase of Celo’s mainnet launch went live on April 22. Sale members are required to get their cGLD on May 18.

Celo Breaks Into Early Periods of Mainnet

Celo founder Rene Reinsberg expressed that more than 300 groups are currently building on Celo.

Reinsberg communicated her fervor for the following coming weeks, expressing –

“Once Celo Gold transfers are enabled, and Exchanges integrate with Celo, off-chain prices for Celo Gold will be able to be brought on-chain through a series of Oracles. This means the Reserve can be configured, and via on-chain governance, Celo Dollars can go live.”

She noticed that The Celo Wallet is its last step of Mainnet launch, expressing –

“At this point, using the Celo Wallet, you’ll be able to send Celo Dollars to anyone in the world with just their mobile phone.”

Mass Stablecoin Reception Is Near

Examining the use cases for the Celo platform, Reinsberg claims that individuals will start to experiment with how cash itself is made.

“Much like how money was backed by gold, new stablecoins can be backed by tokenized resources that we want to see more of in the world (e.g., tokenized rainforests). When picking between two stablecoins, you may soon be able to choose between, say, helping to solve global warming, or contributing to it.”

She added –

“Out of the coming recession, we’ll see stablecoins gain broader adoption.”

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.