Celo Auction FAQs

Celo is now available for staking and trading on CoinList

Celo Auction / FAQs

What is Celo?

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. The Celo technology was designed to enable a financial system that creates the conditions for prosperity—for everyone. Celo is a mobile-first solution that’s composed of three main elements:

Lightweight identity and an ultralight client for a better user experience
Stability mechanism for stable-value currencies
Incentives and governance system for platform sustainability

What is the auction bonus?

For every 2 cGLD purchased, you get 1 cGLD bonus up to 5,000 cGLD purchased (maximum bonus of 2,500 cGLD). The purchase bonus will be limited to the first 1,000 bids placed by unique participants accepted in the auction.

What is the referral bonus?

Earn 50 cGLD for each person you refer who successfully participates in the dutch auction, up to a maximum of 500 cGLD per person. Each person you refer must register, complete compliance, and place a successful bid in the auction. You can find your shareable referral link by completing the registration process.

How can I buy cGLD?

You can buy cGLD by participating in the CoinList Auction. For more information, see https://coinlist.co/celo

How many units of cGLD are available in the auction?

10M Celo Gold for purchase, plus an additional 3.5M units to facilitate the auction and referral bonuses.

How should I prepare to participate in the Auction?

At least a week in advance of an auction, ensure that you have registered with CoinList, completed compliance checks, funded your auctions account and created a CoinList wallet.

Who can participate in the auction?

Anyone who does not reside in an excluded jurisdiction and successfully passes Know Your Customer (KYC) and Anti-Money Laundering (AML) checks may participate in the auctions. Please note that participation in auctions is not possible for the following excluded jurisdictions: China, USA, Canada, North Korea, Cuba, Syria, Iran, Sudan, Belarus, Bahamas, Ethiopia, Ghana, Myanmar, Côte D’Ivoire, The Democratic Republic of the Congo, Iraq, Liberia, Somalia, Central African Republic, Sri Lanka, Trinidad and Tobago, Venezuela, Tunisia, Mali, South Sudan, Ukraine, Yemen, Cambodia, Nicaragua, Pakistan, Lebanon, Botswana, Burundi, Libya, Zimbabwe, and jurisdictions in which the auctions and/or trading of the cGLD themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.

Can I participate in the auction without going through KYC?

No. Anyone who wants to participate in the auction must go through KYC/AML (Know Your Customer/Anti-Money Laundering) checks.

Is CoinList the only place the auction is being held?

Yes. Learn about participating in auctions.

When does the cGLD Auction happen?

The cGLD Auction will take place here from 1 AM UTC May 12 until 1 PM UTC May 12.

How long will the auction be held for?

Early bidding in the cGLD Auction will be held for one week from 7 PM UTC April 29 to 1 AM UTC May 12. Live bidding will be held for 12 hours from 1 AM UTC May 12 until 1 PM UTC May 12 or until the supply of cGLD runs out.

How do you determine crypto conversion prices?

CoinList does not take a fee on crypto deposits or withdrawals. BTC and ETH will be converted to USDC at the liquidity adjusted conversion rate shown on the CoinList site. The estimated conversion rate displayed includes a 0.25% conversion fee to CoinList.

How can I withdraw crypto?

CoinList immediately converts crypto to USDC upon receipt. You may withdraw the USDC at no charge or you may convert such USDC or any amount thereof back into crypto at a rate provided on the CoinList site at that time. In addition, CoinList will charge a 0.25% transaction fee for such conversion. Because of price fluctuations, you may receive more or less crypto than you deposited.

How do I place a bid in the Auction?

If you have completed the registration steps, you can place your bids through the CoinList auction website.

When can I place a bid?

Bids can be submitted starting at 7pm April 29 during early bidding until the auction closes. However, bids will not be submitted to the blockchain until the Auction closes

Can I make bids using crypto?

You’ll be able to fund your account with crypto (ETH & BTC), but it will be converted to USDC for the Auctions. The conversion rate will be shown when you fund your account at the rate shown on the CoinList site at that time. You will also incur a 0.25% transaction fee from CoinList, for converting such funds. All bids will be denominated in USD.

Can I make bids using USD?

Yes, bids can be made in USD and USDC. All bids will be denominated in USD.

Do I get my money back if my bid fails?

Bids are considered in their order of appearance on the CoinList Auction Platform. If your bid appears after the entire Auction cGLD supply is allocated to valid bidders, you will not receive any cGLD and your bid shall be deemed null and void. We will not deduct any funds and you will be able to withdraw your funds or keep them in your account.

When and how is the final (or “clearing”) price set for the Auction?

The final price is set once the auction ends, which happens when either (a) current demand meets or exceeds supply or (b) the reserve price is met (which is $1.00 for the auction). The price for all successful bids will be the same as the lowest successful bid, regardless of the price at the time of the original bid. This means all bidders in the auction pay the same USD price per cGLD.

Can I increase the likelihood that I receive cGLD in the Auction?

Bids are processed in the order they appear on the CoinList site and pre-bids will be firmed once their price matches the auction price at the order of arrival. The sooner you bid and the higher your bid the greater your chances of being successful.

Can I guarantee that I receive cGLD at a specific price?

Generally, no. However, the final price may only be equal or lower than the price you bid at, never higher.

Can I guarantee the number of cGLD I receive?

Since the number of cGLD you receive is determined by the clearing price, which is not set until the auction ends, it cannot be guaranteed.

My bid was partially filled, what happened?

Bids are processed in the order in which they are entered into the CoinList site. Each successful bid will receive cGLD based on the bid amount and the Auction closing price. As such, if you were the last successful bid, there may not be enough cGLD left to completely fulfill your bid.

Do I have to stay online during the auction if I want to bid at a lower price?

No, you can place bids during early bidding. Your bid will be kept securely and will be automatically sent to the platform once the auction starts and your max price is reached.

Can I retract a bid?

Bids can only be retracted if they are in a queued status.

How do I check the status of a bid?

You can find your bid status under the 'Your Bids' section on the CoinList site.

What does my bid status mean?

Pending: Your bid has not been accepted yet and can be retracted.
Submitted: The auction price has dropped below your bid price and your bid as been confirmed. Your bid cannot be retracted.
Paid: Your bid was settled and your funds were collected. Your winnings will be distributed soon after. This is a final status for the bid.

Where will my cGLD be sent?

At the end of the Auction, users will receive their cGLD in their CoinList wallets.

When do I receive my cGLD if my bid is successful?

Users will be able to access their cGLD 1-2 weeks post-Auction.

I didn’t find an answer to my question, what can I do?

No worries! Please contact us at team@coinlist.co.

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