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Celo Foundation Released Mainnet Following Securing $40 Million of Investment

By Chris Torres | May 19, 2020

Following the recent acquire of $40 million to build its blockchain platform, The Celo Foundation has reportedly disclosed details of its Mainnet release – accommodating transfers of its Celo Gold tokens.

Specifically, Celo reportedly revealed that the ERC-20 token Celo Gold (cGLD) transfers, are officially facilitated through on-chain governance, allowing for integration process with the platform to be executed.

The firm has reportedly expressed its gratitude towards the “commitment, passion, expertise, and engagement of over 100 independent validators around the world”, in helping set up the network. 

Previously, the Celo Foundation has managed to secure $10 million for the project, via a CoinList-based Dutch auction on May 12th. The auction ended in under 12 hours, with sales for the cGLD conducted for $1 each.

The release of the Mainnet will reportedly grant all who entered the auction the ability to send and receive these coins.

Nonetheless, the funds secured via the latest auction only took up just one-fourth of the total investment amount Celo received. The company has successfully acquired $30 million for its blockchain platform, from  Polychain Capital and Andressen Horowitz.

The firm reportedly also has a target of bringing off-chain prices for cGLD on-chain, via making Oracles, make Celo Dollars (cUSD) available, as well as rolling out the Mainnet on its wallet.

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