Celo’s Mainnet Goes Live Marking A Crucial Milestone With A $40M War Chest

  • The Celo mainnet has now gone live after its first stage was launched in April.
  • They have now zeroed in on their next step of initiating the transfer of its Celo gold (cGLD) as they aim to realize a fully functional Celo Platform comprising their Celo wallet that they are yet to launch.

The Facebook Libra Rival, looking to bank the unbanked, Celo, has officially launched its mainnet following their announcement on a May 19th post. This is as they thanked the participants for ensuring a smooth transition.

“The Celo network was made possible because of the commitment, passion, expertise, and engagement of over 100 independent validators around the world”

This marked the second step in their roadmap to achieving a fully functional Celo Platform. In April, they launched their Mainnet making this phase II of the plan. They will now focus on the next step which involves bringing the off-chain prices for Celo Gold (cGLD) via several oracles, their Celo Dollars (cUSD) is going live, and finally launching their Celo wallet.

$40 Million Warchest

They managed to raise around $10 million from the community for the overbought Celo gold in an auction held on CoinList. Their bid price averaged at $5.02, with over 25% bringing forth bids worth $9 and above whilst up to 50% of their bids hovering above $3. They, however, settled on a $1 clearing the $10 million cGLD in a bid to promote fairness.

“There were 3,996 total registrations and 761 bids from 132 countries”

In the last year, 2019 they got a cash influx of $30 Million in funding from a wide array of investors in various sectors. Polychain Capital, a16z, Social Capital, Dragonfly Capital, Coinbase, Jack Dorsey, Naval Ravikant, Reid Hoffman all made the list for the 700 ‘prominent’ investors backing of Celo. Giving them a $40 Million war chest so far.

[Also Read: Celo Adds 20+ New Members to the Alliance for Prosperity]

Unveiling the Celo Wallet is the final Phase

Notably, their last phase of Mainnet release will be their Celo wallet. This would enable their users to send and receive Celo Dollars globally at the convenience of their mobile devices according to Celo co-founder Rene Reinsberg.

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