Crypto giants work together on the Celo system

Serious competition for Facebook’s Libra?

Libra is to become a proverbial big hit for the social media platform as stablecoin. The efforts of many states that plan to use their own digital currencies such as China with the digital yuan do little to change this. Germany’s blockchain strategy or other types of political resistance, as well as the withdrawal of some companies that are showing interest at times, such as Visa and Mastercard, do little to change Facebook’s goals. Now a whole team of well-known crypto companies are speaking up, who want to counter Libra with an alternative. The announcement could also become competition for Bitcoin and Altcoins. The new platform we are talking about is called Celo. According to current reports, no fewer than about 50 companies from the haze of blockchain and cryptocurrencies are on board.

 

Many well-known crypto companies participate in the network

That explains the goal of the collaboration: the inclusion of well over five billion people worldwide. “Financial integration” is a key concept of the alliance that is behind the new portal. It is not only in Africa that there is a lack of access to the traditional financial system for countless people. The main aim is to enable system access via smartphone. The list of companies involved reads like a “who’s who” of the crypto world. The members of the network include the crypto exchange Bitcoin.com. The company Coinbase Ventures is also represented, the same applies to Polychain and the well-known investor Andreessen Horowitz, and various blockchain groups and payment service providers have also joined the model.