Facebook Libra rival Celo is set to change the way we see stablecoins. The new kid on the block aims to provide far better financial inclusion compared to Libra and change the way conventional financial systems operate. Promoted by the top 50 companies in the blockchain and cryptocurrency realm, the coin aims to bring financial inclusion to the global populace.
The challenger aims to target 5.6 billion smartphones throughout the world to provide cutting-edge financial services. It promises monetary solutions superior to traditional banks. Celo’s supporters include some of the leading names in the blockchain and crypto sector such as MoonPay, Blockchain.com, AlphaWallet, B12, KeshoLabs, Cryptio, and many more. The presence of global payment processors and prominent investment firms makes Facebook Libra rival Celo a credible competitor.
Facebook Libra rival Celo to empower low-income families
The new platform promises to build an ecosystem of financial tools that are mobile-friendly, sustainable, and cross-platform ready. The open blockchain platform will push digital currencies into the mainstream using simple smartphone technology. Celo’s consortium will be similar to Libra Association, and developers will be roped in to make applications built atop its proposed stablecoin called Celo dollar.
Details are scant on how each member will contribute towards the network. However, they have a collective aim to solve a range of social issues through apt financial tools. The project will empower people in low-income countries through mobile networks, promote online work culture, provide efficient and affordable remittances, simplify humanitarian aid procedures, encourage microlending platforms, and facilitate secure payments.
Stablecoins to power financial inclusion in the future
Rene Reinsberg, the founder of Celo, states that the blockchain technology will be at the center of the alliance’s goals. We seek to reimagine the way money moves via inclusive monetary tools. From humanitarian donations to cross-border remittances, Celo will ensure that money moves through the right channels without the middleman.
The current financial system is plagued by high fees and inefficiencies due to middleman.
Facebook Libra rival Celo dollar will be a stable, secure and efficient alternative to volatile alternatives like Bitcoin. The technological benefits of blockchain will be leveraged to create people-friendly financial tools to reduce poverty and lower the barriers to financial inclusion.
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