16.05.2021

Celo Network Reveals Over 20 New Alliance Members

The new alliance members have begun working to deliver mobile-friendly decentralized applications (DApps) built on top of Celo.

The new additions include payment processors, digital asset wallet providers, custody providers, blockchain advocacy groups, privacy coins, stablecoins and teams seeking to integrate blockchain technology into supply chain management systems.

Celo, a stablecoin payments network, has announced the addition of more than 20 new members to its “Alliance for Prosperity” ahead Celos’s mainet launch – which is currently expected for mid-May.

The alliance’s total membership has now tagged 75 just two months after launching.

Celo alliance membership grows by 50%

“We are excited to see a 50% increase in new members since our March announcement.  Furthermore, we are excited about the diversity of the Members both in terms of geography, as well as their unique contributions to serve more people”, Chuck Kimble, the head of Celo’s Alliance for Prosperity told Cointelegraph.

The list of new alliance members includes Ontology, Paxful, Peixe, Positive Blockchain and the United Africa Blockchain Association.

Celo’s five goals for 2020

Kimble outlined five goals that Celo hopes to accomplish before the end of 2020, including the creation of a stablecoin ecosystem and decentralized finance protocols:

“A Universal Basic Income that is tied into a market creation system. Demurrage – institute a small charge for holding money. Natural-capital backed currencies – back money with things that you see. An ecology of money – local, regional, national currencies. Earn money into existence – an alternative to interest-bearing debt.”

“The mission of prosperity for everyone will take a long time to achieve”, said Kimble. “By 2021, our hope is that we’re far along that path with people’s basic needs fulfilled, growing along their unique path, and helping one another in meaningful ways.”

He also noted that Celo hopes to introduce “a Proof-of-Stake consensus algorithm, carbon offsetting with each block reward, bounties for regeneratives behavior, and and natural capital-backed currencies.”

Carbon offsetting will be achieved through initiatives like Celo’s “Project Wren” – with a portion of Celo’s block rewards being diverted to planting trees.

Celo wants rich ecosystem prior to launch

Andy Ji, the co-founder of newly welcomed alliance member Ontology, told Cointelegraph that the firm will be building its ONT ID solution on Celo, stating:

“We look forward to collaborating with other like-minded industry leaders to offer our ONT ID solution, with a view to jointly exploring identity-based DeFi applications built on Celo such as decentralized universal basic income or decentralized credit scores.”

Chandler Song CEO of Ankr, told Cointelegraph that his firm will support Celo through its “node infrastructure and application platform.”

Michael Shin, global COO of Dove Wallet, told Cointelegraph that its wallet will provide support for cUSD and cGLD in countries where the population is financially underserved. Dove will also build a “tipping” platform to support peer-to-peer micropayments.

CFTC’s Fintech Research Unit to Hold Office Hours for Innovators

The United States Commodity Futures Trading Commission’s fintech lab will host office hours during New York Fintech Week.

In April, the CFTC’s fintech research unit, LabCFTC, will host office hours during New York Fintech Week to engage with innovators in the field, according to a recently published announcement.

LabCFTC’s objective is to promote market-enhancing fintech innovation and competition, as well as provide the CFTC with a better understanding of emerging technologies. The office hours will enable interested parties to participate in dedicated discussions and give a presentation to regulators.

LabCFTC as a beacon in the emerging world of fintech

The CFTC established LabCFTC in 2017, with the department reporting directly to the authority’s chairman Heath Tarbert. Tarbert then said:

“Blockchain, digital assets, and other developments hold great promise for our economy. Now is the time for LabCFTC to play an even greater role as we work to develop and write the rules for these transformative new products. That reality requires engagement at the highest levels within the CFTC, which is why I am elevating LabCFTC to be an independent operating office of the agency and a direct report to me.”

In October 2019, the CFTC awarded LabCFTC status as an independent operating office. In addition to LabCFTC’s new status, the office also released its primer on artificial intelligence in financial markets.

Helping enter the market

As the fintech sector continues to mature, major industry players are keen to contribute to its development. Thus, last August, Bitcoin SV (BSV) blockchain developer and blockchain organization service Open Directory creator synfonaut launched an office hours consulting service.

The service connects developers in need of assistance with experienced Bitcoin SV developers for help on Bitcoin SV projects.

Also last year, New York-based blockchain firm ConsenSys released a new Blockchain and DApp Developer Job Kit to help aspiring Ethereum blockchain developers enter the market.

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