In the middle of this month, the Celo Foundation announced the Alliance for Prosperity (A4P), which can be considered a rival to the Libra project. A4P is a network of organizations that will use blockchain technology – and Celo’s stable cryptocurrency – to promote global financial inclusion.
Over 50 organizations have signed up as initial members of the network, aiming to build and deploy decentralized applications using the Celo blockchain platform developed by cLabs.
The applications are dedicated to mobile use, to maximize coverage among populations who do not have access to traditional financial services.
This week, the Celo Foundation awarded $ 700,000 in grants to several projects contributing to the Alliance for Prosperity.
“The Celo Foundation’s grant program is designed to support projects that are committed to building a financial system that will create prosperity for all,”
stated the foundation in a blog ad.
According to the announcement, the grants went to three types of projects: those that facilitate access to the network, those that educate the community and those that strengthen the Celo platform.
Alliance for Prosperity Supports Combating Covid-19 Pandemic
Among the beneficiaries of grants was eSolidar, a platform that supports charities through shops, auctions, donations and volunteering. Currently, the platform waives fees for NGOs that raise funds for Covid-19 pandemic initiatives.
Another grant was awarded to SaldoMX, a peer-to-peer platform that helps migrant workers pay their family bills directly in Mexico.
The Alliance for Prosperity also includes LoveCrypto, a platform created by Brazilian students. This allows users to earn small amounts in cryptocurrencies for performing various tasks online. LoveCrypto is going
“Help provide a source of income to people who lost their jobs as a result of Covid-19”.
The Celo Foundation keeps the grant program open until mid-May and hopes to attract more participants to join its community. Currently, Celo is testing how its protocol will manage all projects through stable cryptocurrency and over 400 validators.
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