Blockchain startup Colu has secured $14.5 million in new funding from a major business group in Israel.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

contributed the funds both toward the company itself as well as the token presale for its Colu Local Network (CLN), which it unveiled last month.

The company – Israel's largest holding company – is involved in the finance and insurance sectors, and the partnership between the two firms will focus in part on retail payments. In statements, IDB indicated that the results of its work with Colu could wind up in products and services offered through its various business holdings.

Sholem Lapidot, CEO of IDB Development Corporation, said of the deal:

"IDB believes that Colu will help to support the growth of blockchain technology as a [real-life] payment method. We strongly believe that crypto technology will play a key role in the future form of payment for goods and services and we are thrilled to be rolling out plans for increased innovation in our diverse industries, with the help of Colu."

The CLN token, according to Colu, is intended to be used as a basis for local transacting, while at the same time serving as a kind of reward for retail payments.

"Partnering with IDB group is a vote of confidence in cryptocurrencies and the role they could play in the retail market," Amos Meiri, Colu co-founder and CEO, said in a statement.

That work on localized currencies was highlighted last year when Colu raised $9.6 million from a group of investors that included Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer.

STORY CONTINUES BELOW

Recommended for you:

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Colu.

Funding image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.