Celo Foundation Launches Mainnet And Enable Users To Transfer Celo Gold Tokens
Celo Foundation Launches Mainnet And Enable Users To Transfer Celo Gold Tokens
May 19, 2020
Celo Foundation Launches Mainnet And Enable Users To Transfer Celo Gold Tokens
Celo Foundation Launches Mainnet And Enable Users To Transfer Celo Gold Tokens
May 19, 2020

Celo Foundation has launched Mainnet and enabling users to transfer Celo Gold tokens after raising $40 million to fund its blockchain platform.

Today (on May 19), it has been reported in a Medium blog that Celo said transfers of Celo Gold (cGLD), an ERC-20 token, are now enabled through on-chain governance, which means exchanges are free to integrate with the platform.

However, the company thanked the “commitment, passion, expertise, and engagement of over 100 independent validators around the world” for making the network possible. 

On May 12, the Celo Foundation raised $10 million for the network in a Dutch auction on CoinList, as the auction sold out within 12 hours, with cGLD tokens selling for $1 each.

It has been analyzed that with the launch of Mainnet, auction participants can now send and receive these coins.

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Likewise, the funds raised from the latest auction comprise just a quarter of the total assets invested in Celo, as the company raised $30 million for its blockchain platform from firms including Polychain Capital and Andressen Horowitz.

As per the report, the Mainnet release is the next step for Celo after the first stage of its mainnet launch going LIVE on April 22.

The company also plans to bring off-chain prices for cGLD on-chain through a series of Oracles, make Celo Dollars (cUSD) go LIVE, and launch the Mainnet release of its wallet.

Thus, Rene Reinsberg, the Founder of Celo, said that the Celo Wallet is the final step of Mainnet release when cGLD holders would “be able to send Celo Dollars to anyone in the world with just their mobile phone.”

Source: Cointelegraph | Image: CoinCodex


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.