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Liverpool gets its own digital currency

01 February 2017  |  12483 views  |  5 Liverpool

Liverpool has launched its own digital currency using technology from Israeli-based blockchain startup Colu.

The Liverpool Local Pound differs from other local currency units, such as those used in Brixton, Totnes and Bristol, by virtue of being an app-based service with transactions recorded on the Bitcoin blockchain network.

The new unit of exchange is being introduced by Independent Liverpool, a local group with a mission to support small independent retailers in the city. Merchants who take up the service are charged a monthly subscription of £25 on the promise that the currency will encourage repeat purchases and improved loyalty among local customers with feedback from individual spending patterns providing the basis for tailored discounting.

Colu, the Tel Aviv-based company behind the service, raised $9.6 million in June last year after refining its business model to focus on the use of digital currencies in local communities. The company has so far conducted trial runs in two Tel Aviv neighbourhoods and next month will launch a new local currency in East London.

Comments: (5)

A Finextra member
A Finextra member | 01 February, 2017, 12:10

No doubt, if succesful, they will become known as Scousers? 

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A Finextra member
A Finextra member | 01 February, 2017, 12:14

After Bitcoin now Beatle-coin ?

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Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 01 February, 2017, 12:23

Approved by Liverpudlian Central Bank?.. :) Cool idea, if done right. 

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 01 February, 2017, 18:11

Bling Nation on Blockchain? The original Bling Nation failed because local didn't equal scale. Hope Colu has better luck.

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Livinus Ugwu
Livinus Ugwu - Ulieg - Newham | 02 February, 2017, 13:05

Such new cummunitybase digital currency are not to be looked with disdain. Many more community based cryptocurrency that uses Blockchain technology are here already.You can go at onelife.eu/signup/livinhills to find out more.

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