Opera seeks to secure 160 million CELO tokens… 27% of circulating supply

Opera, the internet browser developer, is pursuing a plan to secure as many as 160 million CELO tokens.

According to CoinDesk on the 19th (local time), a proposal was recently submitted to the Celo governance forum to convert an existing cash-based agreement into an allocation of 160 million CELO tokens. The Celo Foundation has been providing Opera with subsidies in dollars in return for expanding the Celo ecosystem through Opera’s in-house wallet, MiniPay. The proposal includes paying those subsidies in CELO tokens over three years.

The 160 million CELO represents about 27% of the current circulating supply. Compared with Celo’s maximum supply (1 billion tokens), it amounts to 16%.

Opera said the proposal “reflects the scale and maturity of the partnership between both parties.” Jorgen Arnesen, Opera’s executive vice president (EVP), said, “MiniPay is already the most-used app on Celo,” adding, “We have clear long-term incentives to see the (Celo) ecosystem grow.” He added that “(the proposal) reflects Opera’s belief and commitment to the long-term value of the Celo ecosystem and its governance token, as well as the goal of supporting it as a key stakeholder.”

Meanwhile, CELO is gaining on the news. According to CoinMarketCap, CELO was trading at $0.08201 as of 11:22 p.m. that day, up 4.6% from the previous day. That is a 9.53% increase from a week earlier.