Tel Aviv’s Colu Launches Local Digital Currency for Liverpool – East London Next

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The UK Daily Telegraph has reported that Colu, an Israeli-based Blockchain company, has launched a localized digital currency in the United Kingdom called the Liverpool Pound (LLP).

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The Liverpool Local Pound launched barely a month ago and already has more than 3,000 users. According to Amos Meiri, CEO of Colu, the company behind the digital currency, there is a transaction using the currency every five to 10 minutes.

Next month Meiri will launch another digital currency in East London that will also be pegged to pound sterling – with one LLP equalling £1.

According to the New Economics Forum, money spent with independent businesses circulates in the local economy up to three times longer than when it’s spent with national chains. Most local currencies aim to capitalise on this – and the LLP is no different.

“When I was a kid I used to go and buy vegetables for my mum and the grocer knew my name and knew what vegetables my mum liked,” Meiri told Telegraph Travel.  

“That personal experience has got lost in the scale of a city and we want to get it back.”

Anyone with a smartphone and the Colu app can use the LLP. Users can top up their digital wallets using their credit cards and perform transactions easily, with immediate transfer of money between accounts. First time users will be credited five free LLPs.

A subscription fee of £25 per month is charged by Colu to merchants. It is also planning to levy a 5% fee on users when they take money out of circulation.

By taking advantage of locals-only offers and discounts, Colu said that consumers and merchants get more for their money if they use the LLP for purchasing goods.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  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 in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. 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, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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