The Celo Foundation raised $10 million for its blockchain platform known as Celo in a dutch auction on CoinList on May 12th 2020. The auction sold out within 12 hours, with Celo Gold (cGLD) tokens selling for generally $1 each. Token holders will have the option to take an interest on the Celo platform. 132 nations had enlisted for the auction, with the most elevated interest originating from Europe and Asia.
Rene Reinsberg, Celo founder expressed that more than 300 groups are currently building on Celo. She said “Once Celo Gold transfers are enabled, and Exchanges integrate with Celo, off-chain prices for Celo Gold will be able to be brought on-chain through a series of Oracles. This means the Reserve can be configured, and via on-chain governance, Celo Dollars can go live.”
“Much like how money was backed by gold, new stablecoins can be backed by tokenized resources that we want to see more of in the world (e.g., tokenized rainforests). When picking between two stablecoins, you may soon be able to choose between, say, helping to solve global warming, or contributing to it.” she added.