Colu has been an active player in the blockchain space for the last 3 years and is operating local economies in 4 cities in UK and Israel with almost 100k users and 70k monthly transactions.
Using Colu’s digital wallet app, consumers can make purchases at participating businesses and transfer community currencies (pegged to fiat currency) to one another.
Colu wants to bridge the gap between the cryptocurrency market and everyday consumers by integrating cryptocurrencies into its digital wallet. Colu’s token will be called CLN - Colu Local Network- The CLN token will provide access to Colu Local Network for payments and issuance of community currencies. Each purchase made at merchant terminals will convert a percentage of the fiat to community currency and reward them to to the users and merchants - onboarding them as stakeholders, bootstrapping the local economy and incentivizing local spending. The CLN will provide liquidity for the community currencies and will act as a reserve allowing to move between community currencies through the CLN.
The Colu network will enable the use of cryptocurrencies to distribute the saved amounts back to the network’s stakeholders using community currencies - giving everyone the power to securely control their own wealth without intermediaries. Members of the community will be able to own community currencies as a new source of wealth, helping communities bootstrap their local economies. This incentivizes community members to buy locally and reinvest money back into their community – while helping local business owners reduce unnecessary fees, increase cash flow and receive financial services via the Colu token.
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