CoinDesk reports that Colu, an Israel-based startup developing colored coins technology, has brought on eToro founder and CEO Yoni Assia to its board of directors.
Three weeks ago, Colu secured $2.5 million in funding to grow its team and market its technology for real-world applications.
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Colored coins is a Bitcoin 2.0 project that seeks to create new solutions based off of Bitcoin’s blockchain functionality. Bitcoin transactions can be “colored” to represent, for example, the transfer of smart property. A large array of applications are envisioned, including multisig functionality, micropayments and peer-to-peer exchange.
Assia is a firm believer in Bitcoin technology. Just over one year ago, his company enabled bitcoin trading for its social trading platform, which is said to have an estimated 2.75 million users.
He pointed out that colored coins will help even non-Bitcoin companies make use of blockchain technology for everyday applications. Personally, he is quite interested in how colored coins can help transform the world of asset trading, potentially simplifying the process found in today’s model.