Colored Coins Startup Colu Announces Collaboration with Deloitte

The startup said in a statement: "By joint efforts, we will bring blockchain technology into big new markets."

Colored Coins startup Colu has announced that it is collaborating with professional services firm Deloitte.

The startup said in a statement: “By joint efforts, we will bring blockchain technology into big new markets.” In response to an inquiry by Finance Magnates, it said that it is not providing specifics on the companies or industries involved.

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Deloitte has reportedly been working on blockchain solutions with its clients for as long as 18 months, as of a July report, and has been working on more than 20 use cases for the technology.

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It has also joined the Australian Digital Currency Commerce Association (ADCCA) as it seeks to leverage the industry’s expertise, noting that its interest in digital currencies has existed “for quite some time.”

Colored Coins is an open source project that aims to develop new solutions based off Bitcoin’s blockchain functionality. By attaching various metadata, Bitcoin transactions can be “colored” to represent the transfer of stocks or other “smart property”.

In August, Colu launched its beta platform designed for developers looking to easily access Colored Coins functionality and build applications powered by Bitcoin’s blockchain. It also announced a partnership with the music industry.

The startup further mentioned that there are currently over 20 integrations with its platform, and that it is collaborating with at least two other startups: Warranteer, which aims to digitize product warranties via the blockchain, and Bitt, which wants to bring “global financial access” to more than 200,000 unbanked people with a blockchain-based “Caribbean Dollar”.

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