Friday
March 13
2020

Crypto Titans Announcing Libra Clone Targeting 5.6 Billion for Financial Inclusion

Move over Libra. Facebook’s controversial stablecoin initiative has a new challenger that wants to change the financial system and reimagine how people can gain access to services. Fifty top companies in the cryptocurrency and blockchain industry have launched a new platform called Celo, an open blockchain that’s designed to drive significantly more financial inclusion by reaching people around the world – not through banks, branches and traditional institutions – but through 5.6 billion smartphones.

Coinbase Ventures, Bitcoin.com, Andreessen Horowitz and Polychain are among the leading technology providers, nonprofits, mobile wallets, payment processors and global investment firms supporting the new ecosystem that plans to offer mobile-friendly financial tools built on top of Celo’s open blockchain platform.

Photo courtesy of Christian Ditaputratama.

Source: The Daily Hodl (link opens in a new window)

Categories
Finance, Technology
Tags
blockchain, cryptocurrency, Facebook, financial inclusion