Announcing the Celo Gold Auction

Announcements Apr 22, 2020

Celo Gold (cGLD) is a utility and governance asset required to participate on the Celo Platform, a new Proof of Stake layer-1 blockchain. CoinList will be the only place to purchase cGLD ahead of Mainnet release, including on any exchanges.  

Register for the auction here ›››

Open Finance for All

Celo’s mission is to build a financial system that creates the conditions for prosperity — for everyone. Celo is a mobile-first solution that’s composed of three main elements:

  1. Lightweight identity and an ultralight client for a mobile-first user experience.
  2. Stability mechanism for stable-value currencies.
  3. Incentives and an on-chain governance system for platform sustainability.

The Thesis

A PoS Layer-1 Protocol with Ethereum Compatibility

Celo is a permissionless Proof of Stake (Pos) layer–1 smart contract platform with EVM (Ethereum Virtual Machine) compatibility on day one. Currently, Tezos, Cosmos, and Algorand are among the few permissionless PoS networks that are live. Celo’s EVM compatibility gives them an advantage in collaborating with the Ethereum ecosystem and creating cross–chain applications relative to other layer–1 chains.

A Consumer-Focused Strategy for Wide Stablecoin Adoption

Celo’s focus on supporting a great mobile experience sets it up to drive adoption of the payment system in emerging markets. This could massively expand the stablecoin market — to date, stablecoins have primarily been used as trading instruments in crypto markets. This market is large and growing and we believe the Celo Platform can significantly expand it. The recently announced Alliance for Prosperity, with over 50 organizations committed to supporting the Celo Platform, has a reach of over 400 million people.

A Compelling Economic Model for Participation

Celo Gold enables participation on the Platform, with the opportunity to earn rewards through network participation. Celo’s stability mechanism and token economics are designed in such a way that demand for cGLD directly increases as demand for Celo Dollars (cUSD) and other stable value assets increases.

Experienced Team

Co-founder Sep Kamvar is the inventor of EigenTrust, one of the most well-known protocols for trust computation in decentralized systems. His first company was acquired by Google. His co-founders Rene Reinsberg and Marek Olszewski founded a machine learning startup that spun out of MIT and was later acquired by GoDaddy. Other Celo community contributors come from Apple, Facebook, Google, Square, Visa, Twitter, and The Federal Reserve Bank of New York.

Backed by the Best

Celo is supported by over 80 backers, including prominent venture funds, C-level operators, academics, and experts across a wide range of fields, including Polychain Capital, a16z, Social Capital, Dragonfly Capital, Coinbase, Jack Dorsey, Naval Ravikant, Reid Hoffman and more.

Registration for the auction is open now ›››

Visit the Celo Gold Auction Deal Page for more information ›››

Legal Disclaimer

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