Celo raises $10 million in a token sale on CoinList in less than a day
May 14, 2020, 10:32AM EDT
1 min read
Ten million dollars worth of Celo Gold (cGLD) tokens were sold on CoinList, the token listing platform.
The Celo Foundation – the nonprofit organization behind the Celo blockchain platform – said the token sale attracted investors from over 62 countries. Tokens were sold in the form of a Dutch Auction, where the price of the token was set after all bids had been taken in.
The sale went live on CoinList on May 11 and each token was sold at $1.
"Net proceeds [of the fundraising] will be given to the Celo Foundation to fund ongoing development work and for community grants supporting the ecosystem," a Celo Foundation spokesperson told The Block.
The new capital adds to Celo's existing $30 million funding, which the organization raised from Andreessen Horowitz, Polychain Capital and others in April of last year.
Holders of cGLD – the Celo blockchain's native token – can participate on the Celo platform. The blockchain itself is a proof-of-stake network that aims to provide users with accessible financial tools. The first state of its mainnet launch, the Release Candidate 1, went live on April 22.