Celo Dollar (cUSD) Stablecoin Launches as the Libra Rival Eyes Digital Ecosystem Dominance

Celo Dollars (cUSD) stablecoins are now live on the platform’s mainnet according to a medium post by the foundation on June 29. This comes barely two months since Celo’s mainnet went live; the project has been making aggressive moves in both development and community growth. With Celo’s stablecoin (cUSD) now accessible, the foundation is optimistic that its vision of an all-inclusive financial ecosystem will be realized.

Notably, Celo’s infrastructure has been gaining popularity as its Alliance membership surged following its debut in March with an initial 50 members. Two months in, the number had grown to 75 as more players collaborate to expand Celo’s ecosystem. Prominent names contributing to this project include Bison Trails, Alpha Wallet, Paxful, Polychain, and Mercy Corps, to mention a few. Currently, the Alliance’s focus is in four areas; communications, policy, remittances, and international aid.

The Celo Dollar (cUSD)

As cryptocurrencies take the center stage of digital asset innovation, programmable money is a no brainer for today’s economy. It is, therefore, not surprising that the digital currency trend has been resilient since Bitcoin recorded ATH back in 2017. Consequently, crypto market players have come up with ways to eliminate some aspects of volatility hence the rise of stablecoins over the course of 2019.

Celo Dollar (cUSD) is designed to further enhance the grown of $34 billion P2P markets, $1.4 trillion PoS market, $248 billion gig economy, and $87 billion remittance market. Users can leverage the cUSD to make touchless merchant payments in the wake of COVID-19 preventive measures. They can also send or receive Celo Dollars locally and internationally at friendly fees that are as low as $0.01.

Finally, this Celo based stablecoin can be used to access financing by borrowing at interest. This is especially valuable in economies with a high unbanked population given the increase in smartphone accessibility hence the opportunity to operate on Celo’s network instead.

Celo’s Prospects

The Celo Alliance is considered a Libra rival in the digital currency space but may soon be in the clear should regulatory pressures favor its existence. It has been making significant milestones since we began 2020, including a $700k grant allocation to startups building on the Celo blockchain network. cLabs, Celo’s founding company, also raised $10 million in the Celo Gold (cGLD) token sale on CoinList in which around 509 global investors participated.

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Author: Edwin Munyui

Facebook-led Libra’s Plan To Bank the Unbanked Gets A New Rival; Celo’s Alliance for Prosperity

The blockchain project Celo and the Silicon Valley mobile payments team behind it, cLabs, have formed an alliance with over 50 heavy hitters. Rivaling that of the Facebook-led Libra Association.

Many investors and blockchain firms, including Anchorage, Coinbase Ventures, Bison Trails, Andreessen Horowitz, and just announced, cold storage crypto wallet Ledger are committed to promoting the Celo tokens by being part of this so-called “Alliance for Prosperity.”

The Future of Money to Be Reinvented

In a statement released to the press, the founder of cLabs, Rene Reinsberg, said that:

“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.”

At the same time, the cLabs business development’s head, Chuck Kimble, was named as the head for Alliance for Prosperity’s. He said the plan is for Celo Gold tokens to be held by some members of the Alliance or for members to be network validators. Stablecoins need tremendous network effects in order to be included in the financial system.

[Related News: Celo Labs Hires Ex-DOJ and Capital One AML Expert To Lead Its Regulatory and Compliance Matters]

Even Facebook Had Difficulties Defining Its Official Partners for Libra

When the Libra Association started, Facebook had difficulties defining its official partners. Mastercard and Visa gave up on being Libra Association members in only a few months, but alliances among crypto startups aren’t something new.

For example, the Patientory Association, which was funded through a token sale in 2017 and conducted by both a nonprofit and a startup, charges members annual fees for participating at workshops on technical challenges and regulatory standards.

What Do Alliance Members Say?

Alliance member and the CEO of Polychain Capital, Olaf Carlson-Wee thinks that:

“With the Alliance, we’ll see not just one mobile application for money transfers, but many applications for a variety of financial use cases.

To me, the Alliance proves that Celo is able to not only ship sophisticated, user-friendly products at global scale, but also empower member organizations to ship products on top of the Celo platform.”

Diogo Monica, the President of Anchorage said:

“We’re proud to work with a variety of organizations to create a more open and inclusive financial system.”

Other Alliance Partners

Among the rest of the high-profile partners for the Alliance, GiveDirectly, Carbon, Maple, Polychain, and Grameen Foundation are included.

Not all of the 50 Alliance members made as big of commitment towards backing the development efforts for the project or building its infrastructure. Not all decided to integrate Celo assets into all of their projects yet.

Furthermore, they haven’t collaborated on educational campaigns conducted in their communities in order to encourage the advancement of blockchain tech. What’s good to know is that the Celo network is open for new members that want to join, but you won’t have to put up a minimum investment of $10 million or more, to be able to join, like Libra.

The alliance is just getting started, so the end result of how committed each member will be remains to be seen, but this will be an interesting project to keep an eye on.

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Author: Oana Ularu

Celo Labs Hires Ex-DOJ and Capital One AML Expert To Lead Its Regulatory and Compliance Matters

Celo Labs is a budding mobile crypto payment startup that is building user-friendly mobile crypto payment tools. The firm has announced today that they have hired Jai Ramaswamy, former chief of asset forfeiture and money laundering at the U.S. Department of Justice.

As the chief of AML compliance at DOJ Ramaswamy played a pivotal role in prosecuting financial institutions for violating sanctions and money laundering.

The interest of Celeb Labs towards Ramaswamy is understandable given his vast experience in monitoring the use of cryptocurrencies for illicit activities and prosecutions surrounding it. Given the complexities surrounding crypto regulations in the United States, having someone on board from the DOJ is a big bonus.

Ramaswamy also worked extensively in the private sector after his stint at DOJ. Before joining Celo labs he has worked at Capital One and prior to that he worked at Bank of America.

Celo Labs hired Mr. Ramaseamy for his vast experience in the regulatory sector and most importantly around AML compliance. He said,

“I’m interested in helping [Celo Labs] understand its overall risk profile, ”

“The industry is trying to figure out how to deal with this technology in ways that traditional regulation has potentially not thought about or where principles have to be extended in areas that are somewhat novel,”

Celo Labs, on the other hand, looks to have something interesting up its sleeve as it has over 60 backers worldwide including World Bank Group and the UN; Google, Square, Microsoft, Apple, PayPal, and Morgan Stanley. In addition, they have MIT, Stanford, Harvard, and Berkeley on board.

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Author: Rebecca Asseh