Opera seeks to acquire 160 million CELO tokens to become a key stakeholder in the Celo network

The Nasdaq-listed company Opera submitted a proposal to the Celo governance forum, planning to replace its existing cash payment agreement with a distribution plan of 160 million CELO tokens over three years. This distribution amount accounts for approximately 27% of the current circulating supply of about 600 million CELO and 16% of its maximum supply of 1 billion CELO. The current trading price of CELO is $0.07.

The transaction will involve a one-time transfer of 160 million CELO from the unreleased treasury to a Safe account controlled by Opera. To maintain governance balance, the voting rights of these tokens will be limited to within 10% of the total staked CELO, except in emergencies. Opera stated that the proposal reflects the significant role of its self-custody crypto wallet MiniPay on the Celo network. MiniPay operates on Celo, an Ethereum Layer 2 network, and has had over 14 million registered users and over 420 million transactions in more than 66 countries since its launch in 2023.

Opera EVP Jorgen Arnesen stated that Opera aims to be a supportive key stakeholder in the Celo ecosystem. Additionally, over 50 million Opera browser users who have received rewards in recent months will be able to redeem their rewards in USDT form within MiniPay. The current stock price of Opera is $14.6.