Israeli blockchain based startup, Colu, secured $9.6m in Series A funding by former investors - Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer. The startup recently shifted from developing colored coins, to become an issuer of local currencies using the blockchain. This will hopefully allow emerging markets and unbanked communities to tap into new financial services easily.
“The only blockchain you can really count on right now is the bitcoin blockchain. This is the only real solution that is working and it’s working for specific use cases,” he said. Meiri also indicated that a combination of permissioned and public blockchains would be needed to deliver the service, which he said makes Colu a better platform for users who may want to launch local currencies.