Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
Cointelegraph
Published Mar 22, 2020 01:40PM ET
Updated Mar 22, 2020 05:20PM ET
Several members of the Facebook-backed Libra Project have announced their alliance with a rival stablecoin project known as Celo. Since the middle of March, members that have joined the Celo Alliance for Prosperity include, among many others, Coinbase Ventures, Anchorage Mercy Corps, Andreessen Horowitz and Bison Trails Co. The shift in interest from one project to the other may signal the ultimate demise of Libra, as several companies have departed the project.
In October of last year, the Libra Association took a major hit when five of its most prominent backers — PayPal, Visa (NYSE:V), Mastercard (NYSE:MA), Stripe and eBay (NASDAQ:EBAY) — left. Voicing concerns about their reputation being tainted, these major backers claimed that Facebook (NASDAQ:FB) had exaggerated the openness of regulators to the Libra project.
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Written By: Cointelegraph
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