Colu Raises $2.5 million in new funding, Aims to Expand its Operations

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Colu Raises $2.5 million in new funding, Aims to Expand its Operations

Colu has raised $2.5 million in new funding. The Israel-based startup aims to digitize the ownership of all the things through the Blockchain. The latest fundraising was aimed to expand the operations using the Blockchain technology, originally meant for Bitcoin transactions, for anything, from cars, to art, to concert tickets.

The company has many grand plans which it calls Bitcoin 2.0 wherein a variety of integrated services and applications that will let people buy and store goods on the Blockchain will be developed. According to the founders they originally started ColoredCoins.org, an open source standard for creating digital assets on the Bitcoin Blockchain.

However, later on they extended it wherein they now include both an API for developers and an application for consumers wanting to access ColoredCoins on an existing Bitcoin framework. Nonetheless, the founders of Colu believe that it will be able to allow users to buy something online and then validate their purchase on the Blockchain.

The founder Amos Meiri says that when someone buys the art piece, he will know for sure this art is his and there will be a certificate with a token that sits on the Blockchain. According to him in the case of artwork, a digital certificate could authenticate their ownership and be a lot more enduring than a sheet of paper.

Venture Capitalists Want to Explore Potential in Bitcoin Startups

Nonetheless, as Colu is an app, and not a wallet, users have to store the token somewhere, either on their computer, phone, or on an external hard drive. Additionally, the company according to Meiri plans on launching a marketplace where people will be able to buy and trade goods and services using Blockchain technology.

The pioneer step from the company will be the first among the companies that are willing to explore the Bitcoin technology to enable a broader spectrum of transactions rather than using Bitcoin as a currency. There have been some companies like Ripple, Ethereum, and Bitshares that have carved a niche in the Bitcoin ecosystem, Colu is going to be the distinguished one.

Some major companies that participated in fund raising include Aleph Capital, Spark Capital, BoxGroup, and Bitcoin Opportunity Fund. These companies realize that there is huge scope for Bitcoin and want to become venture capitalist. A lot of several other Bitcoin startups have been able to raise huge amount of funds as well.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com