Colu Raises $14 5m In Funding

Thus, its buyback-and-burn plan signifies a pivot away from its blockchain business. Colu DLT has already received support for the move from all its largest CLN purchasers from the original presale, which accounted for more than $17M. As a one-time act, the company will now look to acquire the entirety of tokens as issued during the ICO crowd sale period or purchased on the secondary market, amounting to approximately 54 million tokens. Colu DLT will purchase the tokens in Ethereum, in line with the issuance arrangements during the ICO, at the original crowd-sale ETH to CLN rate, which is higher than the current market exchange ratio. Once the process is completed, Colu DLT will ‘burn’ the tokens purchased, rendering them worthless.

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• According to the notice, the company is looking to repurchase its tokens with Ether over a 90-day period.
• Colu states that the CLN platform has faced regulatory and technical challenges and that the company does not feel it is worth pursuing.

The SEC and other regulators felt that unregulated ICOs were an example of such a market deficiency. Indeed, some of the companies that offered tokens in an ICO had no intention of developing a real product and were attempting to raise quick and easy money by defrauding the public. But that is not a market deficiency, it is just plain old wrongdoing, which should be addressed by enforcement actions, not regulation. The key role and responsibility of financial regulators is to identify and correct market deficiencies that have an adverse effect on investors and end-clients. For this reason, regulators are especially sensitive to corporate conduct that is intended to solicit investments from the public and enrich the corporation’s bank account. A good example is the reaction of many financial regulators around the world to the public sale of digital tokens (“ICOs”) during the second half of 2017 and 2018.

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It remains interesting to observe whether the team will carry out its plan to buy back the tokens and what will their price be. reports, the company will purchase about 54 million tokens. However, it remains unclear what the price that the company will be buying the tokens is. Reportedly, Colu will use Ethereum to buy back the tokens and once the process is fully completed, it will burn the tokens, rendering them worthless.

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Colu DLThas announced that it will voluntarily offer to purchase theCLN tokensit issued last year from ICO purchasers and other token holders. Colu cited its sense of responsibility towards token holders, including those who participated in the token sale. In recent months, the Colu Group has seen extensive growth in its work with municipalities across the globe, including significant opportunities which it wishes to pursue. However, the CLN platform which Colu DLT had been developing and supporting poses both regulatory and technical challenges to this work. Colu Group has decided to align its operations accordingly. It is hard to imagine an argument against the fairness of this move.

Colu reserves the right to extend the period, should circumstances change. The purchase from the general public is closed to and not intended to include any potential sellers from the USA and certain other jurisdictions, which were also restricted from participation in the original ICO. In recent months, the Colu Group has announced the introduction of the Belfast Coin, in partnership with Belfast City Council. It will be used to reward residents for shopping at local businesses, healthy living, civic activity, and more. Meanwhile, The Colu Group has also launched a partnership with the Municipality of Tel Aviv-Yafo. TLV Coins reward residents for strengthening local businesses through the Colu app.

In addition, money is being raised for local NGOs to strengthen the local community further. Neither scheme is currently based on blockchain technology. The Colu Group is also in talks with a number of other municipalities across the world, about introducing similar initiatives.

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Neither project is blockchain-based and both will continue to operate. The company launched the token project in four cities, including London, Liverpool and Tel Aviv. It received an additional $14.5 million from financial and insurance company IDB Group for the project.

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Hee is very exact in all his writings, admirably didactical and plaine. Hee hase interlacings of a most witty eloquence. Mr Sterry thought him to bee admirably qualified for Critical Learning. This 360 offering is made possible thanks to Chain Accelerator’s network of elite partners including several freelancers and a dozen large companies and specialized firms like Havas Blockhain, PwC or ATKearney. Chain Accelerator, the first European accelerator dedicated to accompanying blockchain startups, opens its doors at Paris’s StationF today. If you do not do this your payment or appeal may not be received by the correct authority and any balances will remain outstanding and may be pursued by the local authority in question.

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Blue Chip Vision. The article mostly circles around the idea that even if the decentralized app ecosystem that Ethereum is trying to catalyze succeeds, that would not be enough by itself to propel the value of ETH.

Virtual Universe. Ethfinex Nectar Token. Colu DLT’s parent company Colu Group will continue its projects, which center on using a “City Currency” to drive social and economic development within cities, but notes that these projects are not based on blockchain technology. Colu Group subsidiary Colu DLT has announced that it is shutting down its blockchain-based Colu Local Network, and is offering to repurchase and burn the accompanying CLN tokens sold to investors during its initial coin offering . The market cap of CLN is currently around $3.2 million.

At the time of this writing, there’s no further information as to how long the process will last and what are the reasons for the move. Moreover, the website which is featured on all ICO ranking platforms is currently not working. Meanwhile, Culo Group said it will continue Colu DLT’s currency projects, including the Belfast Coin and TLV Coin for use in the Municipality of Tel Aviv-Yafo. However, neither project is based on blockchain technology. Colu’s token repurchase announcement demonstrates just that. Sometimes, the market doesn’t need to be fixed, and companies don’t always need a regulator in order to tell them to do the right thing.

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Womble Bond Dickinson Limited does not practise law. Please see /legal-notices for further details. Bill Gates (and Arthur C. Clarke and others) is famously quoted saying that most interesting technologies are overestimated in the short run and underestimated in the long term. This is likely true about blockchain technology. Maybe 18 months to 2 years ago when the world was new, Broadway was open, and blockchain was everywhere. And then it wasn’t.

There will also be some live elements from the ceremony’s usual home at the Dolby Theatre in Hollywood. There will be no Zoom calls at the Oscars, organisers have said, telling nominees they will accept any awards won by artists who don’t make it to the ceremony, while hoodies are definitely out. The ceremony will be “intimate”, the Academy, the body which oversees the Oscars, said, promising it would be done safely under pandemic-era precautions. Colu DLT’s Chairman of the Board of Directors, Amos Meiri, said “blockchain may yet help to” build trust between people and foster local economies. The company plans to create a website dedicated for the repurchase. It also says holders in several companies will be excluded, including those in the United States and Canada. Additionally, only those who complete KYC and AML processes will receive repayment.

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Picturaries and aptest representations should bee made vpon those eclogas. they should containe some kind of apparatus for Pansophical Learning.

Of note, the ETH to CLN conversion price is based at the time of the ICO, which is higher than the tokens’ current exchange rate. A buy-back window of 90 days has been set, after which the tokens will be subsequently be burned. Decentralized and token-incentivized blockcahin protocol for the next generation social networks. EverMarkets Exchange. Business Intelligence Services for the participants of residential construction market. The Divi Project. Depository Network.

It also noted that holders from several companies will be excluded, including those in the United States and Canada. Moreover, all investors are subject to undergo Know Your Customer and Anti-Money Laundering inspections to proceed with the resale. Nominees for this year’s Oscars have reportedly been told appearing at the ceremony via Zoom is not an option. The 93rd Academy Awards are set to take place next month, with an in-person event at Union Station in downtown Los Angeles.