Nasdaq-listed web browser company Opera is proposing to change how it is balanced by the Celo ecosystem, opting to receive native tokens instead of cash as it deepens its involvement in the network.
The company said on Thursday that it has proposed to restructure its trading agreement, switching from quarterly payments denominated in US dollars to an allocation of 160 million CELO (CELO) tokens, subject to approval from Celo’s onchain management community.
If approved, the change 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-specific protocol focused on mobile payments, particularly for stablecoin transfers in emerging markets. Last year, the company transitioned from a standalone Layer 1 blockchain to the Layer 2 Ethereum network.
Opera said the proposed change reflects its “belief in the long-term value” of the Celo ecosystem. They have been working together since 2021, when Opera integrated Celonative stablecoins into its browser wallet.
The collaboration is increasingly focused on the Opera MiniPay wallet, a standalone app built on the Celo platform that the company says has reached 14 million users and focuses on stablecoin payments in emerging markets. In November, MiniPay established connections with Latin American real-time payment platforms PIX and Mercado Pago.
To be sure, Opera is not the only company that collects blockchain-related tokens. Ethereum software company ConsenSys has exposure to the Ether (ETH) network through its work on core infrastructure such as MetaMask. Blockstream, a Bitcoin infrastructure company, holds Bitcoin (BTC) while it develops products and services on the network.
Related: US ban on stablecoin profitability may cause others to fill the gap: Ledger exec
Opera reports an raise in revenues, announces a buyout
Opera’s deeper integration with Celo comes after better-than-expected results as the company saw growth in its core browser business and newer product segments.
Opera in February reported Fourth-quarter revenue was $177.2 million, up 22% year-over-year. Adjusted earnings were $41.9 million, representing a margin of 24%.
Full-year revenues were $614.8 million and adjusted earnings were $142.5 million.
The company also announced a $300 million share repurchase program that reduces the number of shares outstanding and could boost earnings per share.
Opera’s shares listed on the Nasdaq stock exchange have increased by over 21% over the past month and are currently valued at approximately $15 per share, giving the company’s market capitalization at approximately $1.3 billion.
Related: Abra Targets Nasdaq Listing in $750M Deal with New Providence SPAC
