CELO Auction Sold Out on CoinList

CoinList
CoinList
May 20 · 4 min read
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Chart of CELO sold during the CoinList auction · May 12, 2020

Last week, the Dutch Auction for CELO on CoinList closed successfully. The auction debuted CELO, a utility and governance asset required to participate on the Celo Platform, a new Proof of Stake layer-1 blockchain for fast, secure, and stable digital payments.

The oversubscribed CELO auction raised $10M from the community and introduced a diverse set of participants to the Celo ecosystem. The auction was designed to maximize global engagement by having a minimum buy-in of $100, offering referral bonuses, and hosting AMAs and events in emerging markets, with the goal of diversifying participants and increasing access.

As a result, there were 3,996 total registrations and 761 bids from 132 countries. The average bid price was $5.02, with more than 50% of the bids coming in above $3 and more than 25% of the bids coming in above $9. Participants included people who want to run validators on the Celo network, individuals who want to see Celo’s mission come to life, and more.

The auction cleared the full tranche of 10M cGLD at $1 per token. Dutch auctions represent a purchase mechanism that seeks to effectively determine a fair token price because every participant buys tokens at the same price and all participants collectively determine that price. Given the volatility and uncertainty across all markets, we’re excited about the outcome and especially the geographical diversity of auction participants.

CoinList is laser-focused on helping the best crypto projects succeed, and as such we’re always excited to see the launch of a project with which we’ve partnered closely. We enjoyed working with the growing Celo community and look forward to further collaboration.

Celo is now supported by over 700 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.

Congratulations to the Celo community!

Learn more about how Celo is redesigning money: https://medium.com/coinlist/redesigning-money-a5be189fc136

Join Celo’s community here: https://celo.org/community

Legal Notice

This post is being distributed by Amalgamated Token Services Inc., dba “CoinList.” CoinList operates CoinList Markets LLC (“CLM”), a licensed money services business (NMLS #1785867), and CoinList Services LLC (“CLS”), a technology company that offers compliance and technology infrastructure solutions for token issuers. Neither CoinList, CLS nor CLM make investment recommendations, or provides legal, investment, banking, broker-dealer or tax advice or conducts investment diligence on token issuers or any tokens mentioned in this post, and no communication, through the CoinList website or in any other medium, should be construed as a recommendation to enter into any transaction or investment strategy in connection with any token or security offered on or off any CoinList platform.

All information provided in this post is impersonal and not tailored to the needs of any person, entity, or group of persons and is not sufficient upon which to base a decision on whether or not to make a purchase. The services offered by CoinList Services LLC are provided for the benefit of token issuers, their supporters, developers, users and community, and the listing of tokens and token-based securities on the CoinList website does not suggest the future or expected value of any token or explicitly or implicitly recommend or suggest an investment strategy of any kind. These types of purchases involve a high degree of risk (including risk of total loss) and potential purchasers should consult with their own advisors. CoinList does not receive compensation for publishing, giving publicity to, or circulating notices or communications that describe securities. Potential purchasers must conduct their own due diligence of any issuer, cryptocurrency, token or token-based security. Use of the CoinList website is subject to certain risks, including but not limited to those listed here.

Certain services may be limited to residents of certain jurisdictions, and certain disclosures are required in certain jurisdictions, available here.

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.

This post contains external links to third-party content (content hosted on sites unaffiliated with CoinList). While CoinList uses reasonable efforts to obtain information from token issuers which it believes to be reliable, CoinList makes no representation that the information or opinions contained in this post, or any third-party content/sites that may be accessible directly or indirectly from this post, are accurate, reliable or complete. Linking to third-party sites in no way implies an endorsement or affiliation of any kind between CoinList and any third party. The information and opinions contained in this post are subject to change without notice, and this post is subject to the terms available here.

The Celo Blog

Celo is an open platform that makes financial tools…

CoinList

Written by

CoinList

Where early adopters invest in and trade the best digital assets

The Celo Blog

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. Visit celo.org for info on the community, contributors, and technology.

CoinList

Written by

CoinList

Where early adopters invest in and trade the best digital assets

The Celo Blog

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. Visit celo.org for info on the community, contributors, and technology.

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