Browser maker Opera seeks 160 million CELO stake to become key network stakeholder

Browser marker Opera (OPRA) wants to replace its cash-based deal with Celo with a 160 million CELO token allocation, a move that would make the browser company a major stakeholder in the payments network if token holders approve it.

The proposal, submitted to Celo’s governance forum, would swap a quarterly U.S. dollar grant for a three-year token award. Using the roughly 600 million CELO now in circulation according to CoinMarketCap data, the proposed allocation equals about 27% of circulating supply.

It also represents 16% of the token’s 1 billion maximum supply. CELO is at the time of writing trading at $0.07, down significantly from a peak above $6 seen in late 2021.

The transaction would involve a “one-time transfer of 160 million CELO from the unreleased treasury to an Opera-controlled Safe.” To maintain governance, the proposal reads, the voting power of these tokens will be “capped at 10% of total staked CELO,” with protocol emergencies being the exception.

Opera and Celo said the change reflects the role of self-custodial crypto wallet MiniPay, which the browser maker operates, on the network. MiniPay runs on Celo, an Ethereum layer-2 network built for low-cost payments, and lets users hold their own funds, send stablecoins with phone numbers instead of wallet strings and pay using local methods in various countries including Argentina and Brazil.

“Since MiniPay is already Celo’s most-used app, we have a clear, long-term incentive to see the entire ecosystem thrive,” Jorgen Arnesen, EVP at Opera, told CoinDesk. “The terms of this agreement reflect the scale and maturity of the partnership and Opera’s genuine belief in and commitment to the long-term value of the Celo ecosystem and its native governance token, CELO, and our goal to be a supportive, key stakeholder.”

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

They also said more than 50 million Opera browser users who earned rewards in recent months will be able to redeem them as USDT inside MiniPay.

If approved, the proposal would turn Opera into a long-term stakeholder in the Celo ecosystem. Opera’s shares are trading at $14.6 after losing 1.2% of their value in yesterday’s trading session.