Celo mainnet launches after $10 million raised in token auction

The Celo Foundation has disclosed in a Medium post published on Tuesday that the long-awaited Celo mainnet has been launched, after their first step into the mainnet, Release Candidate 1 was rolled out on April 22. This latest development is believed to be a milestone for Celo token, as transfers will now be possible with the Celo Gold (cGLD).

Celo mainnet to enable cGLD transfers

The Celo mainnet is expected to solidify the Celo network’s value. Upon the mainnet release, cGLDs, which are ERC-20 digital currencies, will be allowed for transactions, as the cryptos can now be enabled through on-chain governance. Hence, digital currency exchanges can easily integrate with the platform.

Per the report, the Celo mainnet launch and some other developments within the Cello network are partly being facilitated through the engagement, as well as the commitment of more than 100 independent global validators. With the launched Celo mainnet, it was reported that the network facilitators hope to start new features to strengthen the network further.

According to the Celo foundation report, they hope to roll out new features for Celo, such as providing off-chain price support for the on-chain Celo Gold via integration of Oracles. Additionally, they plan to release Celo Dollars and Celo mainnet for its wallet.

Celo raises $10 million in cGLD sales

The announcement of the Celo mainnet is coming after the Foundation raised about $10 million through an auction of its tokens last week. The auction was specifically conducted on May 12 at CoinList, wherein a token was sold for $1. The Celo Foundation noted high participation, as the sale was completed in about 12 hours.

The fund raised through the token auction makes up a total of $40 million, which has been invested in the network so far. The Foundation had bagged about $30 million from companies like Polychain Capital for its blockchain project.