Some members of the Libra Association are now backing a rival project called Celo, which has its own blockchain and cryptocurrency. Over 50 major companies have pledged their support, each pursuing a diverse set of use cases. The project claims that the combined reach of all members exceeds 400 million people.

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50 Founding Members

The Celo Foundation announced on Wednesday 50 founding members of the Celo Alliance for Prosperity. “Celo is an open platform that makes financial tools accessible to anyone with a mobile phone,” its website describes. The project offers a way for developers to build mobile apps based on Celo’s Ethereum-based blockchain with a stablecoin.

“The effort is designed to deliver humanitarian aid, facilitate payments and enable microlending through a cryptocurrency called the Celo Dollar, which is scheduled to launch in April,” Bloomberg reported. Chuck Kimble, who heads the Alliance for…

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