Liverpool gets its own digital currency

Liverpool gets its own digital currency

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, 12:10Be the first to give this comment the thumbs up 0 likes

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

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

After Bitcoin now Beatle-coin ?

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

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

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 01 February, 2017, 18:11Be the first to give this comment the thumbs up 0 likes

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

A Finextra member
A Finextra member 02 February, 2017, 13:05Be the first to give this comment the thumbs up 0 likes

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.