Celo’s founder talks about raising $10 million and redefining the money

The Celo Foundation raised $10 million for its blockchain Celo platform at a Dutch auction on CoinList on May 12.

The auction sold out in 12 hours, with the Celo Gold (cGLD) tokens selling for approximately $1 each. Holders of the tokens will be able to participate in the Celo platform.

509 buyers from 62 countries participated in the auction, with each buyer placing an average bid of $22,076. 132 countries registered for the auction, with the largest participation coming from Europe and Asia.

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Zeal has raised $40 million so far
The collection is based on the $30 million fund that Celo raised last year, including the participation of Polychain Capital, a16z, and Andressen Horowitz, among others.

The auction also presented $504,338 in cGLDs distributed as bonds, including $4,150 in affiliate bonds from 83 successful referrals.

The first stage of the launch of the Celo main network was launched on April 22nd. Auction participants are expected to receive their cGLDs on May 18.

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Zeal enters the early stages of the mainnet
Speaking to Cointelegraph, Celo founder Rene Reinsberg stated that over 300 teams are currently building in Celo.

Reinsberg expressed her enthusiasm for the coming weeks, stating, „Once Celo Gold transfers are enabled, and the exchanges are integrated with Celo, off-chain pricing for Celo Gold can be driven through a series of Oracles. This means that the Reserve can be configured, and through chain governance, the Bitcoin Investor, Crypto Investor, Cryptosoft, Bitcoin Rush, Bitcoin Trader can come into operation.“

He pointed out that The Celo Wallet is his final step in launching the mainnet, stating, „At this point, using The Celo Wallet, you can send Celo Dollars to anyone in the world with just their cell phone.“

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The mass adoption of stablecoins is coming
Speaking about the use cases of the Zeal platform, Reinsberg says that „people will start experimenting with how money is created in itself.

Just as money was backed by gold, the new stablecoins can be backed by the tokenized resources we want to see more of in the world (for example, the tokenized rainforests). By choosing between two stablecoins, you will soon be able to choose between, for example, helping to solve global warming or contributing to it.

„From the coming recession, we will see stablecoins being adopted more widely,“ he added.