Opera Eyes 160M CELO Token Agreement to Replace Dollar-Based Compensation
In a move requiring community consensus, the Nasdaq-traded Norwegian web browser firm seeks to transition from quarterly dollar-based payments to cryptocurrency tokens, strengthening its relationship with Celo amid MiniPay's expanding user base.
The publicly traded web browser firm Opera has put forward a proposal to modify its compensation structure from the Celo ecosystem, choosing to accept the network's native cryptocurrency tokens rather than traditional cash payments as it strengthens its relationship with the protocol.
In an announcement made Thursday, the company revealed its intention to restructure the terms of its commercial partnership, transitioning away from traditional quarterly payments denominated in US dollars toward receiving an allocation totaling 160 million CELO tokens, contingent upon getting the green light from Celo's onchain governance community.
Should the proposal gain approval, this strategic pivot would create a more direct connection between Opera's economic interests and how well the network performs, positioning the company as among the most significant institutional CELO token holders.
The Celo protocol is an Ethereum-aligned network with a primary emphasis on mobile-centric payment solutions, especially targeting stablecoin transactions in developing economies. In the previous year, the network completed its transformation from operating as an independent layer-1 blockchain to functioning as a layer-2 network built on Ethereum.
According to Opera, the suggested modification in payment structure demonstrates the company's "belief in the long-term value" of what the Celo ecosystem offers. The collaborative relationship between the two entities dates back to 2021, the year when Opera incorporated Celo-native stablecoins as part of its browser wallet functionality.
More recently, the collaboration has become increasingly focused on Opera's MiniPay digital wallet, a self-custodial application developed on the Celo network, which according to the company has achieved a user base of 14 million people and concentrates on facilitating stablecoin transactions in emerging market regions. In November, MiniPay established integrations with PIX and Mercado Pago, both real-time payment platforms serving Latin America.
It should be noted that Opera is far from being the sole enterprise accumulating digital tokens associated with blockchain protocols. ConsenSys, a company focused on Ethereum software development, maintains exposure to Ether (ETH) as a result of its involvement in building core infrastructure, including MetaMask. Similarly, Blockstream, which provides Bitcoin infrastructure services, maintains holdings of Bitcoin (BTC) while simultaneously developing various products and services supporting the network.
Opera reports revenue growth, announces buyback
The browser company's enhanced integration with the Celo network arrives following the release of financial results that exceeded initial guidance, with Opera documenting expansion throughout both its primary browser operations and emerging product categories.
During February, Opera disclosed fourth-quarter revenue totaling $177.2 million, representing a 22% increase compared to the same period in the previous year. The company's adjusted earnings reached $41.9 million, which translates to a 24% margin.
Looking at the complete fiscal year, revenue totaled $614.8 million, accompanied by adjusted earnings amounting to $142.5 million.
Additionally, the company unveiled plans for a $300 million share repurchase program, a strategy that decreases the total number of shares available in the market and has the potential to boost earnings per share.
The company's shares, which trade on the Nasdaq exchange, have experienced gains exceeding 21% throughout the past month and are presently changing hands at approximately $15 per share, which translates to a market capitalization in the neighborhood of $1.3 billion.
