Today’s a really exciting day for us.
Today we get to share with you something that we’ve been working on for a while. It’s called the community currency – it’s a cryptocurrency reward for shopping at local businesses.
What is the Community Currency?
The community currency is a cryptocurrency reward – you’ll get it when you shop with the Colu wallet in your local community. It’s a form of cryptocurrency, similar to Bitcoin in the sense that the community coin has value in pounds. The value, or worth, of the community coin is determined mostly by the total amount of purchases made with the Colu wallet in your local community, but also by fluctuations in cryptocurrencies.
Thing is, unlike Bitcoin, you don’t have to buy the community currency with your own money. You’ll get it when you shop with your Colu wallet in your local community. That could mean buying coffee in the morning, a quick sandwich on your lunch break, or even when grabbing that pint with your mates after work.
And, in the future, our vision is a community where you’ll be able to buy day-to-day things with your community currency. You’ll get community currency for shopping locally, and you’ll also be able to buy stuff with it.
Supporting local communities with the Community Currency
Without diving too much into the technical detail, community currencies are a new form of money that’ll serve as a tool to solve social and financial challenges in a community.
The community currency is a huge milestone for us because it directly supports our longtime vision of creating strong local communities.
A ‘strong’ local community is a place where small independent businesses are thriving, and the individuals in that community support these local businesses and are dedicated to make the community, as a whole, a better place. By rewarding everyday individuals for supporting local businesses we encourage more money to flow to local businesses. We think that this is extremely important because these independent businesses are the backbone of our communities.
We also believe that the community currency empowers individuals by giving them a stake in their local communities. The more community currencies you own, the more that you become, in part, an ‘owner’ of your local community.
Be first to get the Community Currency
Right now we’re giving you the chance to be one of the first to own community currency before it’s awarded automatically to each person who makes a local purchase.
Starting May 30th, if you continue making purchases with the Colu wallet for an amount of at least 30 GPB by June 13th you’ll automatically be awarded a certain amount of community currency.
This is an awesome opportunity to be amongst the first to own the community currency – to become an early stakeholder in your local economy.
You’ll be able to track the total amount of purchases that you’ve made in your wallet under ‘My Account’, so you can keep tabs on your progress towards getting the community currency.
We’re extremely excited about this. We hope you are too – we’ve got so many exciting things coming up around the community currency and we can’t wait to share and experience them together with you.
If you have any questions, concerns, or feedback about the community currency – don’t hesitate to reach out to us. We’d love to hear from you.
Here’s to building stronger local communities – together.