This decision comes after the company has raised USD 9.6mln. The Series A round, follows a USD 2.5mln seed round in early 2015 that came at a time when the startup was focused on building out its underlying technology. Formerly the startup was focused on developing coloured coins technology, a top-level protocol on the Bitcoin network that allows Bitcoins to be augmented to represent other assets. Now, the company has specialised on a specific use case that was the most in-demand among its users.
A turning point in this project was Bitcoin startup Bitt’s use of Colu’s technology to launch a version of the Barbadian dollar on the Bitcoin blockchain. This resulted in Colu launching two similar projects in neighbourhoods in Tel Aviv.
The company said it will look to launch local currencies in other cities around the world, including Amsterdam and Silicon Valley, according to coindesk.com. This strategy would allow Colu to capitalize on trends in the “new digital economy”.
Furthermore, the startup intents to combine permissioned and public blockchains to deliver its services, in order to make Colu a better platform for users who may want to launch local currencies.
Regarding the funding, it will help expand the Colu team from 23 employees today to more than 30 by the end of 2016 as it seeks to bring its technology to more users.
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