cLabs raises $ 10M for its Celo Gold token

The entity behind the initiative Celo, cLabs, just got up $ 10 million via the sale of his token Celo Gold on the platform Coinlist.

Wednesday morning, the auction of Celo Gold on Coinlist closed in less than 12 hours allowing the Celo Alliance for Prosperity and the american startup cLabs to collect $ 10 million.

Celo Gold (cGLD) is a utility and governance token required to participate in the Celo platform, a new Proof of Stake (PoS) blockchain for digital payments.

The sale attracted nearly 500 investors, mainly based in Germany and the United Kingdom, which made a total of more than 750 offers.

The average price of the offer was $ 5.02, with more than 50% of offers greater than $ 3 and more than 25% of offers greater than $ 9. Participants included people who wanted to run nodes on the Celo network and those who wanted to see Celo's mission come to life, ”read a statement released by Coinlist.

Investors now expect to receive their cGold tokens next May 18.

Like Facebook's Libra project, the Celo Alliance for Prosperity wants to accelerate the adoption of cryptocurrency as a payment method and improve financial inclusion. 50 companies, including several Libra members, have joined the initiative today.

The Celo network operates 2 digital pieces: Celo Gold, which verifies the transactions on its platform, but also Celo dollar, a US dollar-indexed stablecoin backed by a reserve of Celo Gold and other assets.

Last month, Celo distributed $ 700,000 through its subsidy program in order to strengthen its ecosystem.