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.
Also read: Bitcoin Legal in India – Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency
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…