Nasdaq-listed Opera proposes 160M CELO deal to replace cash payments

The Norweigan browser company plans to swap quarterly US dollar payments for tokens pending community approval, deepening ties to Celo as MiniPay adoption grows.

Opera, a Nasdaq-listed web browser company, is proposing to change how it is compensated by the Celo ecosystem, opting to receive native tokens instead of cash as it deepens its involvement with the network.

The company said Thursday it has proposed restructuring its commercial agreement, moving from US dollar-denominated quarterly payments to an allocation of 160 million CELO (CELO) tokens, subject to approval by Celo’s onchain governance community.

If approved, the shift would more directly align Opera’s financial incentives with the network's performance and make it one of the largest institutional holders of CELO.

Celo is an Ethereum-aligned protocol focused on mobile-first payments, particularly for stablecoin transfers in emerging markets. Last year, it transitioned from a standalone layer-1 blockchain to an Ethereum layer-2 network.

Opera said the proposed change reflects its “belief in the long-term value” of the Celo ecosystem. The two have worked together since 2021, when Opera integrated Celo-native stablecoins into its browser wallet.

The partnership has increasingly centered on Opera’s MiniPay wallet, a self-custodial app built on Celo, which the company says has grown to 14 million users and focuses on stablecoin payments in emerging markets. MiniPay initiated connections with Latin America real-time payment platforms PIX and Mercado Pago in November.

To be sure, Opera isn’t the only company to accumulate tokens tied to a blockchain protocol. Ethereum software company ConsenSys has exposure to Ether (ETH) through its work on core infrastructure, such as MetaMask. Blockstream, a Bitcoin infrastructure company, holds Bitcoin (BTC) while developing products and services around the network.

Related: US ban on stablecoin yield could see others fill the void: Ledger exec

Opera’s deeper integration with Celo comes on the heels of stronger-than-guided results, as the company reported growth across its core browser business and newer product segments.

In February, Opera reported fourth-quarter revenue of $177.2 million, up 22% year-over-year. Adjusted earnings came in at $41.9 million, representing a 24% margin.

For the full year, revenue reached $614.8 million, with adjusted earnings of $142.5 million.

The company also announced a $300 million share repurchase program, which reduces the number of outstanding shares and can increase earnings per share.

Opera’s Nasdaq-traded shares are up more than 21% over the past month and currently trading at around $15 a share, giving the company a market capitalization of roughly $1.3 billion.

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Source: CoinTelegraph