Colu is a digital wallet that lets you pay instantly from your phone. It’s catered towards local communities in cities around the world. Here’s our Colu review.
What Is Colu?
Colu is an app that lets you leave your wallet and credit cards at home. The digital wallet lets you easily find businesses around your city, then shop at these businesses to keep your money circulating locally. The app advertises itself as a combination of digital currency technology and a way to support local independent businesses.
Colu is available for free through the Android app store. The company is based in Tel Aviv, Israel and was founded in 2014. So far, you can find Colu currencies available in London and Liverpool, England as well as Tel Aviv and Haifa, Israel.
In Liverpool, for example, Colu has introduced something called the Liverpool Pound. That currency is accessible through your smartphone and is exchangeable 1:1 with the Pound. Based on the Colu website, over 100 businesses across the city of Liverpool accept the Liverpool Pound.
Let’s take a closer look at how Colu works.
How Does Colu Work?
Colu is a digital wallet that lets communities create local currencies. So far, Colu has introduced local currencies to neighborhoods in Tel Aviv and across England. In the future, the company plans to launch currencies in cities around the world, including Silicon Valley.
Using Colu, managers of local economies can issue a distributed currency, then gain data about a local economy. Customers can check the Colu app to see which businesses support the use of Colu tokens, then support those local independent businesses. It keeps money circulating in local communities in a low-cost way.
Colu advertises all of the following features:
Pay With Ease:
Colu lets you leave your wallet and credit cards at home. You can use Colu’s digital wallet to easily find businesses around your city and shop locally. The wallet allows for instant mobile payments: you pay right from your phone, and watch the transfer be completed in real time.
Make A Real Connection:
Get to know the people behind the businesses and become part of the community.
Get More Value:
Local merchants may give discounts for those shopping with Colu tokens. It’s a way for merchants to reward local customers without alienating new customers. With Colu, merchants can setup discounts and local rewards to incentivize shoppers.
Discover New Stores:
You can open the Colu app to find new shops, stores, restaurants, and bars that accept Colu tokens. Just open the app, check the map, or refine your search based on your desired type of store.
Colu is available in select cities across Israel and England. In Liverpool, for example, Colu has introduced the Liverpool Pound, a digital local currency that’s equal to 1 GBP. You don’t have to look far online to find businesses advertising their support for the token, or for users talking about paying for things with the tokens.
A map of Liverpool shows about 100+ businesses – including cafés, bars, and restaurants – all using it throughout the city of Liverpool.
Colu is a team of 40+ people described as a mix of tech enthusiasts, blockchain experts, product visionaries, and “design virtuosos” who are collectively dedicated to helping local economies thrive.
The company is based in Tel Aviv. They were founded in December 2014. According to Crunchbase, Colu has raised a total of $12.1 million in 2 rounds of funding from 4 investors.
The company was founded by Mark Smargon, Amos Meiri, and David Ring.
Over the years, Colu has introduced their local currencies into four main communities around the world, including in Liverpool, London, Haifa, and Tel Aviv. The company claims to have tens of thousands of users.
Colu is one of the best examples of “bitcoin 2.0” technology. It seeks to bring bitcoin beyond just a simple store of value and into a world where it can be readily used as a form of payment at local retailers – including small and large businesses.
The Tel Aviv-based company has already introduced local currencies to communities around the world, including in London, Tel Aviv, and Liverpool.
Obviously, Colu has ambitious plans for the future. Stay tuned for more information about Colu as the company continues to expand its local currencies in a growing number of cities worldwide. Colu may expand to the United States in the future, and appears to be particularly focused on Silicon Valley.