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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 the CoinList platform.

Roughly 109 investors from dozens of countries participated in the auction, paying an average of $5 per Celo Gold (cGold) token. Most investors hailed from Germany and the United Kingdom, according to a cLabs spokesperson. The average buyer spent $519 on these tokens and 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 tokens in 2020, although there’s no clear launch date for the token yet.

CoinList co-Founder Andy Bromberg said this was the second successful token sale on the platform so far in 2020, after a $1.76 million raise for Solana. 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.

Edit (11:30 UTC, May 13, 2020): This article previously suggested investors in the sale were accredited. This was not the case, though they had passed KYC checks.

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