The Celo Foundation raised $ 40 million and launched its core network

After raising $ 40 million to fund its blockchain platform, the Celo Foundation announced the launch of the core network, the next step in allowing transfers of its Celo Gold tokens.

In a Medium blog post published on May 19, Celo said that transfers of Celo Gold (cGLD), an ERC-20 token, are now allowed through chain management, meaning that exchanges are free to integrate with the platform. .

The company thanks “the commitment, passion, expertise of over 100 independent validators around the world” for making this network possible.

Celo raised $ 30 million in 2019

The Celo Foundation reportedly raised $ 10 million for the network at a Dutch auction on CoinList on May 12th.

The auction was sold out within 12 hours, with cGLD tokens selling for $ 1 each. With the launch of the core network, bidders can now send and receive these coins.

However, the funds raised since the last auction represent only a quarter of the total assets invested in Celo. The company raised $ 30 million for its blockchain platform from companies including Polychain Capital and Andressen Horowitz.

The whole is released in stages

The launch of the core network is the next step for ‘Celo’, after the first stage took place on April 22nd.

In an address to Cointelegraph on May 16, Celo founder Rene Reinsberg said Celo Wallet was the final step in the release of the core network, when cGLD holders “will be able to send Celo dollars to anyone in the world with just their mobile phone “.