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Colu To Kick Off ICO For Its Local Network Token

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Colu

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.

We will be updating our subscribers as soon as we know more. For the latest on Colu, sign up below!

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

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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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