Libra Rival Celo Foundation Announces “Alliance For Prosperity”

Tarulika  |  Mar 12, 2020

Celo Foundation who designed the Celo Blockchain Project has announced, “Alliance For Prosperity”, as the rival of Libra Association of Facebook Inc.

Celo Foundation To Revive The Financial System

The Alliance which was founded by 50 members from various industries which includes the sectors like blockchain and digital currency, venture capital, payment firms and many more. They all have assured to develop the Celo blockchain as a decentralised platform which is considered as “New Rebel Alliance” by some members. The significant members are Coinbase Ventures, Andreessen Horowitz, Bison Trails and Anchorage, which are also the part of Libra Association.

Rene Reinsberg, a founder of Celo, disclosed that the Alliance aims to revive the future of money by providing comprehensive financial tools based on blockchain technology. He further explained that they would assure that the process cross border payments to the transactions associated with humanitarian organisations will be completed without any middleman.

Celo's 50 Members Alliance Can Prove To be a Boon

CLabs Inc., a venture capital fund has designed the Celo, an open-source, decentralised blockchain platform with supported stablecoins (Celo dollars) which helps the users to access financial tools from a mobile phone. The platform can be deployed to design mobile applications for better services including cash transfers, peer-to-peer lending and digital wallets also.

The Alliance of 50 members will support the platform by backing innovation in the efforts of the project, creating updated infrastructure, integrating the assets of Celo to their projects and also partnering for education campaigns in the various associated communities.

Celo May Leave Libra Behind

Neither Celo nor the Alliance included the Libra Association as their rival. But due to the controversies associated with Facebook's Libra and the similar nature of both the projects which seek to provide a smooth payment network based on blockchain technology with stablecoins as the means of payment, they are being dubbed as rivals. The upper hand for the project of Celo is that it has more members at the launch of the project than that of Libra.

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