Colored Coins Startup Colu Announces Partnership with Deloitte

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by Polina Chernykh · 3 min read
Colored Coins Startup Colu Announces Partnership with Deloitte
Photo: Vincent Alblas/Flickr

Coloured coins startup Colu teamed up with the consulting company Deloitte to bring the blockchain technology to the new markets.

The Israeli coloured coins startup Colu has signed an agreement with the US-based consulting and financial advisory services provider Deloitte. The partnership is expected to boost the use of the blockchain technology in different sectors.

“It is fascinating to see how blockchain technology could be applied by different companies building different applications. We are following that diverse variety and are excited to discover the many use cases we haven’t even thought about,” Colu said in a blog post.

Rubix, a software platform that was launched by Deloitte to let customers build blockchain applications will also be involved. No more details on the collaboration have been given.

It was previously reported that Deloitte had been investigating the blockchain technology for more than a year and has already found a number of potential applications for the technology.

A few months ago, Deloitte established the Deloitte Cryptocurrency Community, a group that includes 100 members across 12 countries and is targeted at educating its clients in the banking and retail industries about the advantages of the technology. Besides, it helps companies to enhance their existing businesses and research future opportunities of using the blockchain.

The Colu is an open source bitcoin 2.0 protocol that allows developers to use its functionality for building blockchain-based applications. It enables users to develop their own use cases without the need of owning bitcoins. One of the applications for the technology was presented by a 13 years old developer at the Money 20/20 event. Jonathan Ohayon spent the past summer at the Colu offices to create a blockchain-based smart lock that is now utilized in the company’s buildings.

In January, the company announced a $2.5 million investment obtained from Digital Currency Group, Aleph, BoxGroup and Spark Capital.

Since the Colu’s launch three months ago, the company has already announced over 20 integrations, including such companies as Bitt, Warranteer and Revelator. The partnership with Barbados-headquartered Bitt will help the firm to provide an access to the financial services for the unbanked citizens with the use of the blockchain “Caribbean Dollar”.  With Warranteer, Colu intends to digitize such product warranties as LG and GoPro through the blockchain what will keep them up-to-date and easily transferable.

“Blockchain technology is slowly but steadily gaining more tractions and adoption, but it’s yet to prove its real value for consumers and the companies that use it. We’ve been watching this slow rate of growth and interest, and are very excited to be in front line with a full end-to-end platform ready to be used by everyone,” the company stated.

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Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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