Key members of the Facebook-led Libra association are now supporting a potential rival of the project: the Celo Alliance which is looking to issue the Celo Dollar cryptocurrency, that will deliver humanitarian aid, facilitate payments, and enable microlending.
These members include Anchorage, Bison Trails, Andreessen Horowitz, and Coinbase Ventures. The Celo Alliance is set to launch a cryptocurrency called the Celo Dollar, which is designed to deliver humanitarian aid, facilitate payments, and enable microlending.
The Celo Dollar will launch in April and this announcement comes after it was revealed Facebook may be considering redesigning the Libra project.
Chuck Kimble, who heads for Alliance for Prosperity said:
“There are some similarities in terms of mission, which is why there are some people who have joined both alliances.”
The value of the Celo Dollar will be pegged to that of the U.S. dollar, and the stablecoin will be backed by a reserve made out of other cryptocurrencies. The Alliance has also reportedly met with governments throughout the world for discussions on this.