17 July 2018
Visit www.avoka.com

Liverpool gets its own digital currency

01 February 2017  |  14930 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? 

Be the first to give this comment the thumbs up 0 thumb ups!
A Finextra member
A Finextra member 01 February, 2017, 12:14

After Bitcoin now Beatle-coin ?

Be the first to give this comment the thumbs up 0 thumb ups!
A Finextra member
A Finextra member 01 February, 2017, 12:23

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

Be the first to give this comment the thumbs up 0 thumb ups!
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.

Be the first to give this comment the thumbs up 0 thumb ups!
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.

Be the first to give this comment the thumbs up 0 thumb ups!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brixton Pound gets its own cash machine

Brixton Pound gets its own cash machine

19 April 2016  |  5339 views  |  1 comments | 7 tweets | 4 linkedin
Brixton Pound gets mobile app and iBeacon push

Brixton Pound gets mobile app and iBeacon push

20 June 2014  |  8994 views  |  0 comments | 9 tweets | 8 linkedin
Bristol to get own currency; pay by cash, online or mobile

Bristol to get own currency; pay by cash, online or mobile

06 February 2012  |  10747 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit http://go.jumio.com/finextraAdVisit https://secure.vasco.com

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10399 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9367 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8729 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7742 views comments | 1 tweets | 5 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job