Today the Celo Foundation unveiled 50 members for its ‘Alliance for Prosperity’. Celo shares some similarities with Facebook’s Libra. It has a financial inclusion goal, offers a stablecoin and has several shared members and backers. But while the alliance is new, Celo pre-dates Libra.
Fairly or not, many have questioned Libra’s financial inclusion motivations, particularly former member Mastercard. But in the case of Celo, the aim has been central from an early stage. The World Economic Forum (WEF) plans to release a paper: “Financial inclusion, real or not.” WEF’s blockchain leader Sheila Warren is a social entrepreneur and has previously said positive things about Celo.
Celo’s members have a combined reach of 400 million people. Use cases being explored include remittances and payments, microlending, and making it easier to deliver humanitarian aid.
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