Colu Local Network Token Raises Funds to Expand Payments Network
Colu, a blockchain technology company and creator of a wallet app for digital, localized currencies, has announced plans for a crowdsale of its Colu Local Network token (CLN) where it plans to raise $50 million. Colu is currently on track to close a token pre-sale with financial backing from contributors including Spark Capital, Aleph VC, Tom Glocer former CEO of Thomson Reuters , and behavioural economics expert Professor Dan Ariely, who will also join Colu as the company’s Chief Behavioural Officer. Also joining the company as an adviser is Bradley Tusk, serial entrepreneur and Uber’s political strategist.
Using the company’s digital wallet app, local economies can benefit by connecting local users and merchants to a blockchain-based system that enables simple and secure payments. So far, the company has grown user communities in four local economies in the UK and Israel, and facilitates over 50,000 financial transactions per month.