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Ontology Joins Celo Alliance for Prosperity to Accelerate Financial Inclusion

Ontology Gas | 05.06| 97

Ontology has officially joined the Celo Foundation Alliance for Prosperity, a mission-aligned network of organizations fostering social impact and financial inclusion through the use of blockchain technology.

As an Alliance Member, Ontology will join other leading technology providers, nonprofits, mobile wallets, payment processors, and global investment firms in building mobile-friendly financial tools on the Celo open blockchain platform. Launched in March 2020 by the Celo Foundation, existing members include Andreessen Horowitz, Coinbase Ventures, and B12, with an additional 23 new members also announced today. They include; Ankr, Althea, Bitfy, Blockchain Education Network, Centrifuge, Dove Wallet, Dunia Pay, Grin, Hex Trust, LatAmTech, Mobike, MyCash Online, Netki, Ontology, Paxful, Peixe, Positive Blockchain, Ribon, Transak, and United Africa Blockchain Association.

Commenting, Andy Ji, Co-founder of Ontology said, “The purpose of Celo to empower anyone with a smartphone to access digital currencies and ultimately foster a fairer financial system resonates strongly with our values at Ontology and we are thrilled to be joining the Alliance. 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.”

Celo is an open blockchain platform that makes financial tools accessible to anyone with a mobile phone. It can be leveraged to build an ecosystem of powerful mobile applications, ranging from easier cash transfer programs to peer-to-peer lending, international remittances to digital assets and wallets. Celo’s digital currency — the Celo Dollar stablecoin — provides people all over the world with a stable, secure, inexpensive, and easy way to move money and engage in financial activities that were previously inaccessible to them. Ontology will also be adding Celo to the ONTO wallet app for users to easily store and send Celo.

Chuck Kimble, Partner at cLabs and Head of the Alliance for Prosperity, said, “We are excited to see the Alliance grow by nearly 50% since our initial announcement in March, with organizations committed to creating prosperity, especially in Africa and Latin America.”

With a primary focus on delivering a fast, user-friendly platform with a unique infrastructure that supports robust cross-chain collaboration, Ontology provides businesses with the tools to design their own blockchain solutions securely. Powered by the Ontology Token (ONT), the distributed collaboration platform allows businesses to enjoy the benefits of smart contracts and tokenization while retaining control of their sensitive data.

“The Celo Alliance for Prosperity is committed to bringing together an ecosystem of diverse organizations, all of whom are aligned in their mission of increasing financial inclusion through blockchain technology. We look forward to seeing the innovative financial solutions members of the Alliance are creating in response to major global challenges,” Ji concluded.

The news comes off the back of Ontology’s recent partnership with Venezuela Blockchain, an organization committed to leveraging emerging technologies as tools for socio-economic development in Latin America.

About the Alliance for Prosperity

The Alliance for Prosperity is an ecosystem of mission-aligned organizations including nonprofits, merchants, and payment processors fostering social impact and financial inclusion through the use of blockchain technology. In support of mobile-first open blockchain platform Celo, the Alliance provides infrastructure and education to enable more people to use digital currencies — specifically, the Celo Dollar stablecoin — in the geographies that need it most. Each member’s combined contributions make it easier to move digital currencies around the world and create accessible financial tools on the Celo platform, with diverse use cases including remittances, humanitarian aid, payments, and microlending.

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Ontology Joins Celo Alliance for Prosperity to Accelerate Financial Inclusion was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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