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Users get to locate new merchants, support the local area and can even share money with friends and family. Beyond simply another way to take and distribute money, Colu wants to reinvigorate local communities and ‘superstars’ businesses, claiming that 65% of currencies spent will stay in the local area. Colu boasts no transaction fees for the merchant end and even gets information about customers to improve customer relations.
“Colu is about building communities from the wallet up,” explains CTO Amos Meiri, “offering a way for locals to infuse their money with meaning by supporting local businesses – a win-win for everyone.”
Already being used in Liverpool (Local Pound, Liverpool), where more than 16,000 people and businesses have been using the app daily, in London (Brixton Pound and Local Pound, East London), and in other areas of the world, this corruption-resistant, value-heavy alternative to cash may just upset more than a few banks and big businesses. A variety of merchants are participating and accepting the digital currency, including bars, restaurants, clothing stores and health clubs. It is exchanged at one-to-one with the British Pound.
“I’m often asked why we chose to launch currencies in places like East London and Liverpool,” adds Meiri. “It’s because these areas have a unique combination of intense community pride, trendy new businesses and a bustling tech scene, making them the perfect places to build a new digital, local economy.”
Watch ► Amos Meiri explains how the blockchain could kill off national currencies.
Colu was mapped in Trust this AtlasChart: Paul Armstrong’s Blockchain Top 5.
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Paul Armstrong is a leading strategist, author and speaker on the future of technology, disruption, retail innovation, technology and mobile innovation. He runs the technology advisory HERE/FORTH where he helps clients including Coca-Cola and O2 understand trends and how to apply emerging technologies.
Israel (Tel Aviv)