Colu empowers city residents, businesses and other local stakeholders, using a unique city-wide currency that creates a meaningful social and economic impact.
Belfast City Council with 100 Resilient Cities are joining with Colu to introduce a city-wide digital currency for Belfast later this year, following a successful application to be part of a global challenge.
Belfast Coin will be an incentive-based digital currency aimed at rewarding positive actions by residents, as well as encouraging economic growth and helping to achieve environmental improvements.
The initiative – a first for Northern Ireland – has been made possible thanks to Belfast’s membership of 100 Resilient Cities, a global network funded by the Rockefeller Foundation.
Earlier this year, Belfast City Council submitted an application and has worked alongside the Tel Aviv and UK-based company Colu, as well as a number of other global cities as part of the challenge.
How does it work?
A city currency has a similar logic to a reward or loyalty scheme. It will allow us to incentivise residents and reward positive behaviours which enhance everyday life in Belfast (eg for volunteering, recycling or shopping local).
Once the currency goes live later this year, users will be able to download the Colu app and register their details to start accumulating Belfast Coins.
Each ‘coin’ will be worth £1 and the coins can then be used to make purchases in participating shops, restaurants or businesses.
Following the official announcement by Colu in May, work is now underway to sign up a range of partners and merchants before Belfast Coin is formally launched later this year.
Since 2014, Colu has pioneered innovative financial solutions which place the local economy and the wellbeing of cities in the hands of the local community. Colu empowers city residents, businesses and other local stakeholders, using a unique city-wide currency that creates a meaningful social and economic impact. The currency is a tool for making a positive difference – helping good deeds scale.
● Colu is already operating in four communities in Liverpool, East London, Tel Aviv and Haifa.
● There are more than 200,000 users, boosting many thousands of businesses with more than 300,000 monthly transactions.
● From December 2017 to December 2018, Colu doubled the number of monthly users, businesses and transactions across these four communities.
● Colu employes around 60 people in the UK, Gibraltar and Israel.
● Colu has raised around $45million from major VC investors.
For more information about Colu’s city currency or to register as an interested partner visit www.colu.com/belfast or contact Richard Cherry, UK General Manager on email@example.com