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Members of Facebook’s Libra Are Making Contingency Plans

March 11, 2020, 7:52 PM

Many members of the Libra Association -- a Facebook Inc.-led effort to create a global cryptocurrency -- are now also backing a rival effort.

The project, the Celo Alliance for Prosperity, announced its 50 founding members Wednesday. They include Libra supporters Anchorage, Bison Trails Co., Coinbase Ventures, Andreessen Horowitz and Mercy Corps. The effort is designed to deliver humanitarian aid, facilitate payments and enable microlending through a cryptocurrency called the Celo Dollar, which is scheduled to launch in April.

The new alliance is debuting just as Facebook and its partners are considering redesigning the Libra project in ...

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