The new members of the Celo Foundation’s Alliance of Prosperity will make their contribution to the platform’s common goal of creating the opportunity for like-minded organizations to collaborate together.
Just in two months after the Celo Foundation announced its Alliance of Prosperity platform, 75 new members have pledged their integration. As members of the Alliance, their focus will be on larger financial inclusion and prosperity while adopting Celo’s technology.
Besides, they will also offer significant expertise and access to the Celo ecosystem in major markets all across the globe. These members will work in attaining the Alliance’s goal of helping like-minded organizations come together. The Alliance also has four initial working groups that focus on international aid, remittances, policy, and communications. Chuck Kimble, Partner at cLabs and Head of the Alliance for Prosperity, said:
“We are excited to see the Alliance grow by 50% since our initial announcement in March, with organizations committed to creating prosperity, especially in Africa and Latin America.”
Speaking on the launch of the Alliance of Prosperity, Grey Jabesi from the United Africa Blockchain Association said:
“There has never been a more perfect time for a project like Celo to emerge and redefine money, especially in Africa.”
Early Developments with Celo Foundation’s Alliance of Prosperity
Since March 2020, several members have been working on shaping the future of Alliance while integrating it with Celo. For example, exchange platforms like Anchorage and Coinbase have announced support for Celo Gold at launch.
Besides offering safe custody for Celo Gold at launch but will also allowing participating in advanced network functionalities and staking. Speaking of the Alliance, Anchorage wrote:
“As a founding member of the Celo Foundation’s Alliance for Prosperity, Anchorage is proud to contribute to a shared vision of making digital assets more accessible and useful in the real world”.
There have been several other developments by the Alliance like Upright launched a virtual accelerator program Celo Camp for sustainable businesses to be built on the Celo platform. The program had over 250 participants from over 60 countries and has finalized 18 projects who will give a demo in June next month.
The Celo protocol is a proof-of-stake smart contract platform built on the Ethereum blockchain network. As mentioned by Anchorage: “Celo’s governance structure weighs staking rewards relative to the amount of cGLD locked, as well as the length of time in a given locking period. This structure helps improve overall network stability by incentivizing users to hold cGLD over the long-term”.
Author: Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.