Colored Coins Startup Colu Gets $2.5 Million Investment

Colu, a startup developing Colored Coins technology, has gotten a $2.5 million investment. The round was led by Israel-based Aleph

Colu, a startup developing Colored Coins technology, has gotten a $2.5 million investment.

The round was led by Israel-based Aleph and US-based Spark Capital. Other contributing investors included Barry Silbert’s Bitcoin Opportunity Corp. and Box Group.

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Colored Coins is an open source 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.

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Colu is building API technology allowing developers to access Colored Coins functionality and to build distributed applications more easily. Developers can add blockchain-based approvals to transactions involving more than just digital currencies.

The funding will go toward to marketing the technology for real-world applications and growing the Colu team.

The round marks the latest investment in blockchain-based API technology. Two weeks ago, BlockCypher secured a $3.5 million investment for building out its “web services for blockchain.”

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.

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