Investors on CoinList Pour $10M Into Celo Token Sale in Roughly 12 Hours
Silicon Valley blockchain startup cLabs just raised $10 million for the Celo project through a token sale to investors on CoinList.
Roughly 509 investors from dozens of countries participated in the auction, paying $1 per Celo Gold (cGold) token. Most investors hailed from Germany, the United Kingdom, Turkey, India, Malaysia and Vietnam, according to a cLabs spokesperson. The average buyer spent $19,646.37, which is enough Celo Gold to theoretically become a validator on the network. They often earned 50 bonus tokens for referrals.
The sale, which closed on Tuesday morning, took roughly 12 hours to complete.
The cLabs token sale builds on $30 million in venture capital funding from firms like Polychain Capital and Andreessen Horowitz (a16z). Polychain, in particular, is among 77 entities already running Celo validator nodes.
The buyers on CoinList expect to receive their cGold tokens on May 18, or at least have that option. CoinList co-Founder Andy Bromberg said buyers can automatically receive the cGLD in their CoinList wallets when the Celo mainnet goes live, or they can opt to send the tokens to an external, self-custodied wallet.
"As of Monday there's going to be live value on the network," said cLabs partner Vanessa Slavich.
Bromberg added this was the second successful token sale on the platform so far in 2020, after a $1.76 million raise for Solana.
Update (May 13, 2020, 18:27 UTC): This article previously stated that investors in the sale were accredited. This was not the case, though they had passed know-your-customer checks. The piece has also been updated to reflect details of the sale and launch plans.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.