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Colu To Kick Off ICO For Its Local Network Token
A new blockchain startup known as Colu is planning to raise about $50 million through an ICO for its local network token.
The Israeli startup which was launched in 2014 has created a monetary system that is powered by blockchain just like many other cryptocurrencies. Colu’s monetary system allows merchants and individuals to transact within their local economies without any hassle. The startup aims to enable real-life transacting using digital currencies and as a result, users will be able to transact directly through apps that are also based on blockchain technology.
The newly announced ICO is not the first crowdfunding campaign that the startup has launched. It managed to raise $12 million in a previous ICO and this time it plans to raise $50 million. As far as getting the system right, the startup reportedly consulted numerous businesses in order to get a better understanding of how the blockchain technology can be used to come up with new business models.
The first product that Colu implemented used blockchain to facilitate transactions in numerous currencies including the dollar. The initial launch not only allowed the company to understand the main drawbacks of the technology but it also provided an opportunity for the company to understand the massive potential that lies in it.
“After engaging with consumers and local business owners about digital currencies, we realized the magnitude of the problem. Local communities are largely abandoned by multinational corporations, and do not receive the same attention from financial institutions,” stated Colu in a blog post.
The startup also pointed out that most small businesses outdo large corporations by a significant margin and they also happen to employ more people. However, the problem is that no payment company has identified the need to cater to the unique needs of these companies. This is where Colu’s solutions come in and the objective of the project is to achieve real-life usage of digital currencies. In short, the company aims to facilitate peer to peer exchange of the digital currency through the use of digital wallet apps.
Colu plans to kick off the upcoming ICO through which it will issue its CLN tokens in January next year. The crowdsale will start on January 18 and end on January 25. The amount raised from the ICO to extend the development of the project and also to expand it to more countries. The company also announced a few months ago that it had plans to introduce open-source protocol Bankbox that will help financial institutions to give out cryptocurrency. The main idea with this move is to widen the use of cryptocurrencies in different sectors such as the music industry.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Clodette via Flickr
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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