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The Celo Foundation starts its main network after collecting 40 million UDS

May 19, 2020

After raising $ 40 million to fund the blockchain platform, Fundación Celo announced the launch of its main network, the next step to enable the transfer of your Celo Gold tokens.

In a medium blog post from May 19th According to Celo, Celo Gold (cGLD) transfers, an ERC-20 token, are now enabled through chain governance, which means that the exchange can be freely integrated into the platform.. The company recognized “the dedication, passion, experience and participation of more than 100 independent auditors from around the world” to enable the network.

Celo raised $ 30 million in 2019

Cointelegraph reported that Fundación Celo raised $ 10 million for the network at a Dutch auction on CoinList on May 12. The auction sold out within 12 hours, and cGLD tokens were sold for $ 1 each. With the start of their main network, auction participants can now send and receive these coins.

The Celo Foundation starts its main network after collecting 40 million UDS
The Celo Foundation starts its main network after collecting 40 million UDS

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

Start zeal gradually

The launch of its core network is the next step for Celo after the first phase of its launch on April 22nd. The company also plans to chain cGLD pricing through a series of oracles that will broadcast Celo Dollars (cUSD) and launch its wallet on the mainnet.

In conversation with Cointelegraph on May 16, the founder of Celo, Rene ReinsbergAccording to Celo’s wallet, this is the last step in starting the core networkif cGLD holders “can only send Celo dollars to everyone in the world with their mobile phones”.