cLabs, a Silicon Valley-based blockchain startup, has revealed that it has raised approximately $10 million through auctioning off the Celo Gold (cGLD) tokens which were availed to investors within the CoinList platform.

According to a press statement shared with Bitcoin Exchange Guide, about 509 investors drawn from different parts of the world were involved in the auction process, and on average paying $1 for every Celo Gold (cGLD) token. The press release also indicated that the majority of the investors are from Germany as well as the United Kingdom. The startup also confirmed that on average, a buyer spent about $519 for the cGLD token and in most instances earned about 50 tokens in bonus for referrals. The auction came to an end on Tuesday morning after running for approximately 12 hours.

The current sale of the cGLD tokens will help the startup to add to its $30 million raised in venture capital funding by companies such as Polychain as well as Andreessen Horowitz (a16z). Apart from being a major funder of the project, Polychain is currently one of the 77 entities which are running Celo validator nodes.

Whereas it is not clear when the launch date will be, the CoinList investors are expecting to get their tokens before the end of the year.

[Also Read: Celo Adds 20+ New Members to the Alliance for Prosperity]

According to Andy Bromberg, CoinList co-founder, the cGLD token sale was the second time the platform has conducted a successful token sale this year and follows the successful sale of Solana tokens which raised 1.76 million. Bromberg also stated that CoinList buyers will be able to get the cGLD tokens direct into their CoinList wallets after the Celo mainnet finally goes live. Additionally, the investors can also opt to transfer their tokens to external wallets that they own to Custodians like Anchorage and Coinbase.

CoinList stated that it is focused on assisting prospective crypto projects to succeed and it was a pleasure to partner with the Celo project. Currently, Celo enjoys the support of more than 700 backers.

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