75 companies back Facebook Libra’s competitor Celo. The goal is the same: „to shape the future of open finance by banking the unbanked”

Celo, a competing project to Facebook’s Libra cryptocurrency, has added 50% more new members to its alliance, bringing the total number of supporting organizations to 75. Some Celo members are also supporters of the Libra project.

„The scope of membership remains focused on use cases, furthering the mission of financial inclusion and prosperity, and adoption of Celo’s technology.”, according to the press release.

“We are excited to see the Alliance grow by 50% since our initial announcement in March, with organizations committed to creating prosperity, especially in Africa and Latin America.” — Chuck Kimble, Partner at cLabs and Head of the Alliance for Prosperity.

“There has never been a more perfect time for a project like Celo to emerge and redefine money, especially in Africa.” — Grey Jabesi from the United Africa Blockchain Association.

The Celo project has been touted as a competitor to Libra, a project backed by social media giant Facebook. Kimble previously explained that there are some similarities between Libra and Celo in terms of mission, which is why some members have joined both projects.

Diogo Monica, president of Anchorage, which is a member of both the Libra project and the Celo Alliance for Prosperity, said in a statement: “Celo and Libra each have unique focuses and approaches, but they share a goal that Anchorage strongly believes in: banking the unbanked.”

According to an updated whitepaper by the Libra Association, the Libra project has diverged from its original plan, including adding single-currency stablecoins in addition to the Libra cryptocurrency.

New Members include: Ankr, Althea, Bitfy, Blockchain Education Network, Coinfirm, Centrifuge, Dove Wallet, Dunia Pay, Grin, Hex Trust, LatAmTech, Mobike, MyCash Online, Netki, Ontology, Paxful, Peixe, Positive Blockchain, Ribon, Transak, United Africa Blockchain Association, and Yellow.