New Alliance Deploys DeFi Applications on Celo Blockchain as Alternative to Libra Project

Fifty companies, including Libra Association members Coinbase Ventures, Andreessen Horowitz and Anchorage, will createmobile financial applications on top of the Celo blockchain.

“The Alliance will use blockchain technology to create universal financial instruments. Money should go directly to the addressee, bypassing the pockets of an intermediary, "– explained the founder of the startup cLabs, the developer of Celo, Rene Reinsberg.

Members of the «Alliance for Prosperity» intend to use various platform use cases. These include:

• work online;
• fast and affordable money transfers;
• reducing the cost of providing humanitarian assistance;
• making payments and providing microloans.

The potential audience of Celo, according to them, is more than 400 million people.

Recall, Libra Association PartnersThey are considering the possibility of reorganization, as a result of which Libra will be a payment network that provides work with different coins, and not a single digital currency, as previously planned.