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Monday, April 19, 2021
Home News Israeli Blockchain Company Colu raises USD $9.6 Million

Israeli Blockchain Company Colu raises USD $9.6 Million

Blockchain startup from Israel Colu has raised $9.6 million USD, from investors including Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer.

In early 2015 the company raised $2.5 million in a seed round and the latest round lifts the amount they have raised to $12.1 million.

Colu pivoted from their focus on colored coins technology to a specific use case that was the most in-demand among its users  which is to target local currencies that help small businesses and improve local economic growth by eliminating the dependence of the business on the bank or credit card company and make a direct path between buyer and seller

Colu has created digital currencies for two Tel Aviv neighborhoods – Jaffa and Florentin. The digital currency is linked to the shekel and is according to the company the Israeli digital equivalent of cash. The company says that its platform is already in use by municipal authorities in Barbados and Brazil.

Colu CEO Amos Meiri told CoinDesk:

“There are a lot of other use cases for colored coins, in music, in the Internet of Things, but what we saw after a while was that more than 60% of the use cases were for local currencies. This is where our market is.”

“We have the wallet and we have a control panel where the manager of the local economy can issue a distributed currency, gain access to data about the economy and manage it from one place.”

Founded in 2014 and based in Tel Aviv, Colu has 24 staff will grow its workforce to 30.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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