Members of Facebook’s Libra Are Making Contingency Plans
- A rival effort attracts Libra members who see similar appeal.
- Celo wants to enable payments, microlending, humanitarian aid
Photographer: Chesnot/Getty Images
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Many members of the Libra Association -- a Facebook Inc.-led effort to create a global cryptocurrency -- are now also backing a rival effort.
The project, the Celo Alliance for Prosperity, announced its 50 founding members Wednesday. They include Libra supporters Anchorage, Bison Trails Co., Coinbase Ventures, Andreessen Horowitz and Mercy Corps. The effort is designed to deliver humanitarian aid, facilitate payments and enable microlending through a cryptocurrency called the Celo Dollar, which is scheduled to launch in April.