We Play Coins

Libra Members back Rival stable coin in a surprisingly bold move

Libra Members back Rival stable coin in a surprisingly bold move
By We Play Coins
Added on Mar 12, 2020

Libra members back rival stable coin in a surprisingly bold move according to a blog post by the Alliance. Called the Celo Alliance, it hopes to reach 400 million people all over the world by bringing together 50 partners. This will be a stable coin that rivals Libra.

From the Blog Post

Today the Celo Foundation announced fifty founding members of the Celo Alliance for Prosperity. The Alliance members are all committed, in their own unique way, to helping ensure that Celo — a decentralized and open source platform — delivers on its mission to enable prosperity for everyone. All Alliance members support an open, decentralized, and transparent approach to addressing this opportunity.

The goal of the Alliance is to bring organizations together to help with the shared vision of making digital assets more accessible and useful in the real world. Today less than .5% of global citizens benefit from the speed, transparency, utility, and low cost of using blockchain technology (source). The Alliance members have a plan to change that and are committed to leveraging the power of Celo’s innovative blockchain technology to create solutions that work across devices, carriers, & countries.

Scope of Membership

The Alliance for Prosperity is focused on use cases, furthering the mission of financial inclusion and prosperity, and adoption of Celo’s technology. Members have all committed to integrating with the Celo platform and enabling the outlined use cases (i.e. give, earn, send, lend, etc). By joining the Alliance, members are furthering the Celo mission by either: backing development efforts of the project, building infrastructure, implementing desired use cases on the platform, integrating Celo assets in their projects, or collaborating on education campaigns in their communities to further advance the use of blockchain technology.

Members include a Nobel Prize winning global micro lender, a highly innovative payment processor in Brazil, a company enabling mobile top ups with Celo Dollars around the world, leading global humanitarian aid organizations, an exchange in Africa that supports nine different fiat currencies, two of the largest blockchain wallets, leading blockchain infrastructure providers, and two of the most highly regarded investment firms.

This initiative provides a snapshot of some of the organizations actively contributing to the Celo ecosystem at the moment. We foresee member working groups aligned to use cases and geographies and for Alliance members to have a voice in how the Celo Foundation is governed.

Celo Dollars in Action

Alliance members are pursuing a diverse set of use cases, including powering mobile and online work, enabling faster and affordable remittances, reducing the operational complexities of delivering humanitarian aid, facilitating payments, and enabling microlending. Their combined reach is over 400 million people.

For example, humanitarian aid organizations will be using Celo Dollars instead of distributing food or fiat in order to reduce the cost of sending perishable items or prepaid cards. We saw some of these challenges firsthand last year with our research in Nyarugusu, a Tanzanian refugee camp, and are excited about the potential use of Celo Dollars as a more effective alternative. This is just one of the many ways Alliance members will further Celo’s mission of prosperity for everyone through concrete action.

Participate in the Alliance, and shape the future of open finance

In this open system, any mission-aligned organization can apply to join the Alliance with a commitment to impact. We invite organizations to join us in changing the story in finance and usher in a stronger ecosystem serving markets around the world.

We’re excited to see the global impact from the Alliance and look forward to seeing more mission-aligned organizations join the Celo movement for prosperity. Libra Members back Rival stable coin in a surprisingly bold move .