The CLN Crowdsale is Over — Here Is The Round Up
The Colu Local Network crowdsale is now officially over. Thank you to everyone who took part and contributed during the crowdsale! Without your participation, we would not have been able to fulfill the vision of laying the foundation to the Colu Local Network.
We are proud to announce that over the course of the token sale we have sold over 239 Million CLN tokens for a total of $19,158,446! Among our pre-sale investors are Spark Capital, IDB Group & Aleph VC to name a few. Although we did not hit the hardcap, we have more than enough funds to be able to develop and maintain the Colu Local Network for the years to come. We have also received an equity investment of $8.6 Million from IDB group and others to further develop the Colu Wallet as well as other company products, which are currently available in four cities across the U.K. and Israel. Our intention is to connect the Colu wallet and the network. Combined, Colu and the CLN raised $27.5 Million to achieve the goal of linking all of these moving and exciting parts together.
The weeks leading up to the crowd sale have been very intense for the team here at Colu, with many of us working 24/7 to ensure the process goes smoothly. Needless to say, many cups of coffee and slices of pizza were consumed. While the sale is over, the job of developing the network is still ahead.
Over the course of the next few days we will be releasing our Mechanical Market Maker and issuance contract so that CLN token holders will be able to create community currencies backed by CLN tokens. All interactions with community currencies will utilize the CLN on the back-end and it is our goal to create an ecosystem of community currencies issued for local communities around the world.
Over the course of the next few months CLN network will be developing more tools for the network, it will work with the Colu Wallet to issue community currencies and integrate them into the Wallet’s existing economies in Israel and UK. It is our vision that the choice of developing the network in open source will facilitate the development of the Colu Local Network as a community effort and as such it will encourage developers to create their own tools on top of the Colu Local Network. We will be providing regular updates on the development effort so stay tuned!