Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Why the spectrum gold rush may soon be over

      23 June 2025

      TCS | South Africa’s Sociable wants to make social media social again

      23 June 2025

      Tech stability key to getting South Africa off damaging financial grey list

      23 June 2025

      ‘System offline’ scourge to end, says Schreiber – but industry must pay

      23 June 2025

      Naspers shifts to an AI-first strategy – and it’s paying off

      23 June 2025
    • World

      Watch | Starship rocket explodes in setback to Musk’s Mars mission

      19 June 2025

      Trump Mobile dials into politics, profit and patriarchy

      17 June 2025

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025
    • In-depth

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025
    • TCS

      TechCentral Nexus S0E3: Behind Takealot’s revenue surge

      23 June 2025

      TCS+ | AfriGIS’s Helen Hulett on how tech can help resolve South Africa’s water crisis

      18 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025
    • Opinion

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Fintech » Facebook’s libra backers are turning to a rival crypto effort

    Facebook’s libra backers are turning to a rival crypto effort

    By Agency Staff12 March 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Many members of the Libra Association — a Facebook-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 on Wednesday. They include Libra supporters Anchorage, Bison Trails, 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.

    The new alliance is debuting just as Facebook and its partners are considering redesigning the libra project in the face of regulatory and political scrutiny around the world. In recent months, the libra consortium has lost several key members. By backing the Celo Alliance, some of libra’s remaining members are essentially hedging their bets.

    By backing the Celo Alliance, some of libra’s remaining members are essentially hedging their bets

    “There are some similarities in terms of mission, which is why there are some people who have joined both alliances,” Chuck Kimble, who heads the Alliance for Prosperity, said in a phone interview.

    Libra has been controversial since its inception largely because of Facebook’s involvement; Celo may avoid some of the liabilities that come from the social network’s reputation. But the new effort also lacks a key part of libra’s appeal: a tie-in to Facebook’s two billion monthly active users. It also has to compete with established payment networks such as PayPal.

    The value of the celo dollar will be pegged to the US dollar and backed by a reserve of other cryptocurrencies, Kimble said. It will be available in the US, but the alliance’s focus is on Latin America, Africa and Southeast Asia, he said.

    Shared goal

    “We have met with governments around the globe as well as central banks, we are continually engaging with governments in the many countries which we hope to serve,” Kimble said.

    Diogo Monica, president of Anchorage, which is a part of both efforts, 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. As advocates for a more fair and open financial system working to support every protocol our clients wish to participate in, it’s our duty to support both.”  — Reported by Olga Kharif, (c) 2020 Bloomberg LP



    celo Celo Alliance for Prosperity celo dollar Facebook Libra Libra Association top
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleTim Berners-Lee warns ‘Web not working for women’
    Next Article IBM claims it’s number 3 in cloud computing – not so fast!

    Related Posts

    Shrimp Jesus and the AI ad invasion

    4 June 2025

    Silicon slip-ups: the tech industry’s biggest flops

    29 May 2025

    Now Facebook wants to … scan your face

    16 May 2025
    Company News

    IoT connectivity management in South Africa – expert insights

    23 June 2025

    Let’s reimagine Joburg using the power of tech, data and AI

    23 June 2025

    Netstar doubles down on global markets while backing SA growth

    23 June 2025
    Opinion

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    AI and the future of ICT distribution

    16 June 2025

    Singapore soared – why can’t we? Lessons South Africa refuses to learn

    13 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.