Browser developer Opera aims for a 160 million CELO investment to establish a significant position in the network.

The suggested allocation constitutes a significant portion of Celo’s circulating supply and 16% of its total supply limit.

(Zulfugar Karimov/Unsplash/Modified by CoinDesk)

Key points:

• Nasdaq-listed Opera aims to substitute its cash-based agreement with Celo for a 160 million CELO token allocation, which would position it as a significant stakeholder in the payments network if ratified.
• The suggested allocation constitutes a significant portion of Celo’s circulating supply and 16% of its total supply limit.
• This initiative showcases Opera’s collaboration with Celo, particularly through its self-custodial crypto wallet MiniPay, which has recorded 14 million registrations and 420 million transactions across 66 nations since its inception in 2023.

Browser company Opera (OPRA) intends to exchange its cash-based agreement with Celo for a 160 million CELO token allocation, a decision that would establish the browser firm as a key stakeholder in the payments network pending token holder approval.

The proposal, presented to Celo’s governance forum, seeks to replace a quarterly U.S. dollar grant with a three-year token distribution. Based on the approximately 600 million CELO currently in circulation, as per CoinMarketCap data, the suggested allocation represents roughly 27% of the circulating supply.

This also accounts for 16% of the token’s maximum supply of 1 billion. At the time of writing, CELO is trading at $0.07, a significant decrease from its peak above $6 observed in late 2021.

The transaction will entail a “one-time transfer of 160 million CELO from the unreleased treasury to an Opera-controlled Safe.” To preserve governance, the proposal indicates that the voting power of these tokens will be “capped at 10% of total staked CELO,” except in cases of protocol emergencies.

Opera and Celo stated that the adjustment reflects the function of the self-custodial crypto wallet MiniPay, which the browser company runs, within the network. MiniPay operates on Celo, an Ethereum layer-2 network designed for cost-effective payments, allowing users to manage their own funds, send stablecoins using phone numbers instead of wallet addresses, and make payments via local methods in various countries, including Argentina and Brazil.

“As MiniPay is already Celo’s most-utilized application, we have a clear, long-term incentive to ensure the entire ecosystem flourishes,” Jorgen Arnesen, EVP at Opera, informed CoinDesk. “The conditions of this agreement reflect the scale and maturity of the partnership and Opera’s genuine confidence in and commitment to the enduring value of the Celo ecosystem and its native governance token, CELO, as well as our aim to be a supportive, key stakeholder.”

According to the companies, MiniPay has surpassed 14 million registrations and more than 420 million transactions across over 66 countries since its launch in 2023.

They also mentioned that over 50 million Opera browser users who have received rewards in recent months will have the opportunity to redeem them as USDT within MiniPay.

If accepted, the proposal would transform Opera into a long-term stakeholder within the Celo ecosystem. Opera’s shares are currently valued at $14.6 following a 1.2% decline in their value during yesterday’s trading session.