The crypto project, Cello Alliance for Prosperity, revealed its supporting members in its recent blog post published yesterday. Many of Libra’s supporters joined the new project “Cello dollar” aims “banking the unbanked”.
Libra Still not Ready for Adoption
Facebook’s cryptocurrency Libra is still not ready to be launched following strict attitude by the US government. Since its announcement, Libra criticized harshly by the US regulators as they assumed the project a direct attack on the US dollar backed by the social giant Facebook having two billion monthly active users. Many giant firms that were backing Libra decided to join Cello Alliance for Prosperity. These include Andreessen Horowitz, Bison Trail, Coinbase Ventures, Anchorage, Mercy Corps, and many others.
Both Stablecons Share Similarity
Both Libra and Cello are stablecoins and also share some other features. But there is some difference as Libra will back by only fiat currencies while Cello will back by the US dollar and other digital currencies.
The head of Cello Alliance for Prosperity, Chuck Kimble, said:
“There are some similarities in terms of mission, which is why there are some people who have joined both alliances.”
The new project aims to build a global payment network powered by blockchain to empower unbanked people and to support the process of humanitarian funding. ‘Powering mobile and online work, enabling faster and affordable remittances, reducing the operational complexities of delivering humanitarian aid, facilitating payments, and enabling microlending,” Kimble added.
Unlike Libra’s strict scrutiny, Kimble said that they will not face any issue regarding regulation as they complied with the government’s policies and central banks.
He commented:
“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.”
The project’s cryptocurrency called Cello dollar will be sent via mobile phones instead of addresses to make the whole process simple and easy. And the fees will be less than the current transactions’ fee structure.
The founder of Cello, Rene Reinsberg, said:
“The Alliance will use blockchain technology to reimagine the future of money and create inclusive financial tools. From sending money home across borders to donating to a humanitarian organization, we want to make sure that money arrives in the right hands — not in the pockets of a middleman.”
According to the plan, the cryptocurrency will launch by next month.
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