February 21, 2018 | Israeli digital wallet startup Colu has raised over $20 million in an initial coin offering (ICO), a means of crowdfunding via cryptocurrency, of its own cryptocurrency, Geektime reports. The Tel Aviv-based company, which uses blockchain technology to create local digital currencies, like its cryptocurrency Colu Local Network (CLN), has also raised $8.5 million in a round of financing with investors. Colu’s CLN currency allows local banks to perform financial transactions like currency conversion, payments, and loan services, using blockchain technology as a way to connect communities around their local digital currency. Colu first announced plans to raise funds in ICO in November 2017, although their original plan was to raise about $50 million. Colu was founded in 2014 by Amos Meiri, David Ring, and Mark Smargon and has offices in Tel Aviv and London.