Israeli startup receives $14.5 million from IDB Investment

Colu, a startup that develops a cryptocurrency creation platform for local economies, has received $14.5 million in funding from IDB Development Corporation. Colu was founded in 2014 by Amos Meir, David Ring and Mark Smargon.

IDB Development Corporation is Israel's largest holding company, and the partnership between them and Colu will primarily focus on retail payments. The CLN token, according to information provided by Colu, can be used for transactions in its region and is a kind of reward for retail payments. Amos Meir, co-founder of Colu, said the investment “is a vote of confidence in cryptocurrency and the role it will play in the retail market of the future.” Sholem Lapidot, CEO of IDB, believes that blockchain technology and digital currencies will play a key role in the future of the world of finance. "We believe that Colu will help support the growth of blockchain technology in the region and take it to the point where cryptocurrencies become a common form of payment for the public, and not just another form of investment. We can't wait to share our plans for our future developments with the public. These investments and developments, among others, are part of our vision of what the market should be: combining a customer-centric approach and technological advancement," said Lapidot.

The CLN network will be a payment system designed for everyday purchases. It will allow communities of people to issue their own currencies for trade in their regions. Next year the company plans to raise $50 million in an ICO. Ex-CEO of Thomson Reuters Tom Glotzer and professor of psychology and behavioral economics Dan Ariel have already confirmed participation in the pre-ICO. According to the head of the startup, Amos Meir, the funds raised will be used to promote the project in new markets, including the US market.

According to https://coinjournal.net