Published On: Wed, Feb 4th, 2015

Israeli Bitcoin Startup COLU Raises $2.5 Million


Israeli Bitcoin startup COLU has raised $2.5 million in seed funding. The round was led by Israeli venture firm Aleph and Spark Capital. Additional investors were BoxGroup and Bitcoin Opportunity Corp. Spark previously invested in eToro, a startup co-founded by David Ring, who is now co-founder of Colu.

Everyone is talking about Bitcoin these days. When times are tough and the economy is in an extended recession, as it is now, people lose faith in paper currencies and look for alternatives. That is why the price of gold skyrocketed over the years.

The same thing is true for the virtual currency Bitcoin. People have been turning to it because of the low dollar and concerns over the future of the Euro.

Bitcoin is artificial and has no tangible value. Its creators say that there is only a limited number of it out in cyber space. Devices are marketed which help people “mine” for Bitcoins. But it remains to be seen if they will be able to keep up their high valuation.

Some observers are saying that Bitcoin is just another fad bubble like the famed Dutch Tulip Craze. And now that the US Dollar has rebounded and oil is dropping maybe we will soon see the crash of Bitcoin.

So it is odd, for all those reasons and more, that another new company wants to get into the Bitcoin game.

COLU boasts that it allows fast access to Colored Coins and Bitcoin 2.0 infrastructure through an easy-to-use fast and secure API that will power the next generation of distributed applications. The company says that its app for consumers provides secure access to our everyday purchases and experiences.

“When you buy the art piece, you will know for sure this art is yours. There will be a certificate with a token that sits on the blockchain, ” says founder Amos Meiri. In the case of artwork, a digital certificate could authenticate your ownership and be a lot more enduring than a sheet of paper.

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