Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape

Several members of the Facebook-backed Libra Project have announced their alliance with a rival stablecoin project known as Celo. Since the middle of March, members that have joined the Celo Alliance for Prosperity include, among many others, Coinbase Ventures, Anchorage Mercy Corps, Andreessen Horowitz and Bison Trails Co. The shift in interest from one project to the other may signal the ultimate demise of Libra, as several companies have departed the project. In October of last year, the Libra Association took a major hit when five of its most prominent…

Libra Members Hedge Their Bets by Joining Rival Stablecoin Project

Some of the biggest names in Facebook’s embattled Libra Association have joined a rival stablecoin project, which touts its mission as the promotion of financial inclusion using the blockchain. Dubbed the “Celo Alliance for Prosperity,” the project was unveiled on March 11, with key Libra backers Coinbase Ventures, Andreessen Horowitz, Anchorage Mercy Corps and Bison Trails Co. joining the ranks of its 50 founding members.  The combined reach of the Alliance members at launch is ostensibly estimated at 400 million people. Aside from veterans of the Libra Association, high-profile members…

New Celo Alliance Has Same Aims as Libra – And Some of the Same Partners

The Silicon Valley crypto startup cLabs, focused on mobile payments and the Celo blockchain project, is following another precedent from Facebook’s Libra playbook by launching an industry association through a separate Celo Foundation. Dozens of blockchain companies and investors – including Libra Association members Coinbase, Andreessen Horowitz, Bison Trails and Anchorage – are committing to promote Celo tokens in some fashion by joining this “Alliance for Prosperity.” “The Alliance will use blockchain technology to reimagine the future of money and create inclusive financial tools,” C Labs founder Rene Reinsberg said…

Libra Association Member Offers an Explanation for the Crypto Market Decline

A prime crypto broker blames margin calls on non-crypto assets for the current crypto market slide. Marc Bhargava, co-founder of Tagomi (which has recently joined the Libra Association), shared his explanation of the current market downturn with Cointelegraph. Since Tagomi is connected with ten of the biggest exchanges and some of the biggest crypto traders, it enjoys a rooftop view of the market. Here’s how the co-founder contextualizes the recent market downturn Bitcoin is a risk-on asset Bhargava believes that crypto is not a safe haven asset, despite others saying…

Facebook Changing Course on Libra, Offering More Inclusive Wallet

Facebook may be considering modifying its plan for the 2020 release of the cryptocurrency Libra.  When the social media giant introduced Libra last year, it did so claiming the cryptocurrency would be a simple global currency with the power to transform the global economy. Regulators quickly took notice, and found the company had to offer more questions than answers as to what the digital currency would be. Though Libra is still going forward, Facebook will now offer government-issued currencies like dollars and euros to support its own token. The move…

Prime Broker Tagomi Becomes 22nd Member of Facebook’s Libra Association

Crypto prime brokerage service Tagomi is joining the Libra Association, becoming the 22nd member and the second to join since the group was formally founded in October 2019. According to TechCrunch, Tagomi is set to formally announce its intention to join the association later this week. It joins ecommerce platform Shopify, which announced it would join the group last week, joining a host of other crypto platforms, tech startups, non-profits and venture funds. The joins come after a series of high-profile departures from the organization, most recently last month when…

Crypto Prime Broker Tagomi To Join Libra Association

Tagomi, a crypto prime broker headquartered in New York, will join the Libra Association, the governing body for the Facebook-led stablecoin. Tagomi was founded by Jennifer Campbell in 2018, a former associate at Union Square Ventures. Tagomi will become the Libra Association’s 22nd member. Members of the association are expected to contribute at least $10 million to the Libra Reserve, which holds the assets that back the cryptocurrency. Tagomi has raised $28 million to date, making a $10 million commitment a large amount for a two-year-old startup. It should be…

The Libra Association Gets a New Member in Shopify

The Libra Association has signed up Canadian e-commerce platform Shopify as its newest member as the troubled crypto project looks to get back on track. Libra has lost several founding members in recent months for a variety of reasons, the most prominent of which was the massive amount of scrutiny leveled at the project. The association was originally made up of 27 founding members; however, several early backers such as Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumped ship before the founding charter was signed, leaving just 21 members.…

Shopify Joins Libra While Quitter Vodafone Advertises Bitcoin on Facebook

Facebook’s coin project, Libra, continues to draw attention despite setbacks, including a shrinking pool of backers and a growing number of worried regulators. But now with JP Morgan seeing potential for the social network’s cryptocurrency and e-commerce giant Shopify joining the Libra Association, its chances might have improved. Although, assuring governments that Libra won’t undermine their monetary authority and convincing users of its utility remain key challenges. Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger Vodafone Posts Facebook Ad With Bitcoin in…

Calibra Technical Lead Tells Why Facebook Built New Language for Libra

Digital lead for Calibra Ben Maurer gave a presentation on Facebook’s Move programming language at the Stanford Blockchain Conference on Feb. 19. Move was created by Facebook to provide a safe and programmable foundation for the Libra blockchain. Maurer explained that Move will make it easier and more secure to program financial applications that run on Libra. He said: “Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.” Maurer mentioned that Libra’s mission is…