Creators of the Israeli blockchain startup Colu are going to hold an ICO to collect $50 million, reports CoinJournal.
Previously, Colu attracted venture financing, and the developers managed to raise $12 million.
"Now we decided to issue a token. We are confident that we will find a business model that will help us create network effect," says the Colu CEO, Amos Meiri.
Colu token will be called CLN. It will represent the index value for public currencies issued on the Internet. This will allow communities to attract capital and provide instant liquidity to new currencies on the local markets.
Amos Meiri believes that the company will be able to invest collected cryptocurrency in its startup development and take it to new markets, including American.
"We have hundreds of communities around the world who want us to issue our currency in addition to Colu," Meiri continues.
Past investors, like Spark Ventures and Aleph Ventures, have already supported the company.
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