A network of community currencies – creating a decentralized monetary system.

What is Colu?

Colu is looking to integrate cyrptocurrencies more into everyday life by creating a platform that bridges the gap between normal consumers and the crypto market. The platform facilitates the creation of digitized currencies that are specific to a community or region. In doing so, the platform is looking to increase the amount of money being invested and exchanged within a certain community, thereby strengthening the connection between the residents of a community and the local businesses that populate it.

According to the timeline provided by the company website they recently conducted their presale of tokens in 2024 and have their main token sale beginning shortly. When that is completed they plan to disperse the tokens and go about creating and introducing new currencies to businesses within specific communities and economies, as well as allow token holders to create their own communities utilizing a unique currency.

They have already created and launched two new currencies in local communities and states they already have 50,000 users. The most recent currency they created was in East London and was named the “local pound”.

How Does Colu Work?

In theory, businesses will be able to attract a higher number of local consumers. In doing so, your business can potentially create relationships with the clientele, establish regulars, and learn more about the needs and desires of customers. Obviously, more costumers means more revenue, which is added to the fact that Colu does not have transaction fees, meaning that the business gets to keep a higher percentage of every sale.

In order to actually use the platform, business owners only need to download the app to their phone and register their business through there. A team from Colu will visit the business and set everything up, and get it running. The platform can handle millions of transactions at once and does so through blockchain technology.
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Patrons get started by simply downloading the app themselves and creating a digital wallet that they can use to pay at local businesses. By allowing users to pay using money that is managed through their digital wallet, the platform cuts out the middle man of banks and transaction fees.

Features and Benefits of Colu

The Colu platform highlights a series of benefits that are supposed to develop and maintain a sense of community between customers and businesses. One of the main highlights is that users can pay without their wallet, just using a digital wallet through their phones. In order to pay, the business or merchant displays a code to the customer, who then scans that code using the Colu app, and the transaction is completed through the phone.

Additionally, it makes getting integrated into a community easier, highlighting the top-rated local businesses for users who may be unfamiliar with the area. The businesses are organized by categories and easily findable through the search function.

Businesses can attempt to attract new customers or increase sales by offering discounts or promotions for customers who use the Colu currency. This can help create loyalty and a unique relationship with those who live in the community. It can also allow both businesses and customers to decentralize business within their communities and avoid unnecessary transaction fees or surcharges often used by banks.
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The app is available for both iOS and Android.

The Colu Token Sale

The token sale is set to begin on February 14^th, 2024 and run through February 18^th. Unfortunately, the sale is not open to United States’ or Canadian residents. The tokens will be referred to as CLN for Colu Local Network. The total tokens being created is 1.5 billion, with 35% of that amount being made available during the token sale.

The fundraising goal set for the sale is $50 million with $30 million set as the soft cap, and $18.9 million already raised during the pre-sale. IDB, Spark Capital, Aleph, and eToro are listed as being among the presale contributors. The minimum contribution amount is set at $50,000, with 1 CLN equating to $0.095. ETH is the only form of currency that is accepted. 1 ETH gets you 8,600 CLN.

A breakdown of how the tokens will be distributed is offered as a graphic on the site. As we said, 35% will be made available for purchase during the token sale, an additional 30% will be placed into a community pool, 29% will be used for future development, and 6% will go into a pool for the Colu team. The tokens that are being placed in the future development pool will be locked up as part of a smart contract for a period of three years before they can be used.

Who’s Behind Colu?

The founders and highest-ranking employees are detailed through the platform’s website. There are three co-founders – Amos Meiri, Mark Smargon, and David Ring. Amon Meiri serves as the CEO and has been since the inception of the company in late 2024. He graduated from the College of Management in Israel, and prior to Colu he worked as a trader and a foreign securities desk manager.

Mark Smargon is the VP of Blockchain, and prior to Colu he founded Bitgo and a company called Creatix, for which he served as CEO for thirteen years. The third founder, David Ring, is the VP of Finance. He was the co-founder and CTO of eToro, a social trading and investment network, for nearly nine years. He also earned his MBA in Finance from the Alliance Manchester Business School.

The site details other key positions within the company such as CBE, Director of Business Operations, Director of Marketing, and more, with each employees’ Linkedin provided. There are three members of the board, consisting of a partner at Aleph VC, co-founder and partner of Spark Capital, and the founder and CEO of eToro.

Conclusion

The idea behind Colu is an intriguing one, that would have some real appeal to a business looking to establish itself or strengthen its roots in a community. Developing a loyal base of customers is one every small business’ main goals, and the platform gives them a direct connection to those customers.
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The benefits of the app sound simple but practical for users/patrons, but what concerns us is how the platform plans to attract new users. They mention the possibility of promotions and discounts being offered to Colu users, and the convenience of being able to pay through your phone is a benefit, but we’re not sure its strong enough to draw-in enough customers.

Obviously digital payments are becoming more popular, but convincing patrons to invest into an entirely new for of currency that is only good in their area is no small step. Colu has already launched two currencies, and we would recommend keeping an eye on how they develop to get an idea of the ICO’s viability.