These are exciting times for us. Lots of impactful changes are taking place, including the bonuses you receive for using the digital wallet. Whether you use Colu in Liverpool, Tel Aviv, East London or Haifa, you will be used to enjoying a 10% bonus on each top up you make in the mobile app.
Hopefully, this has encouraged you to buy local, to support businesses in your city and to be a more active part of your community’s economic life. Simply by using Colu on a regular basis, you are playing an important role in helping the local economy thrive.
You will continue to be key to this growth. However, the bonus system you have been used to will soon be changing. Your bonus on each top up will continue, but will now be 5%. This is not because you have become any less important to what we are doing. Far from it.
Until now, Colu has fully financed the 10% top-up bonus, fuelled by our commitment to help small businesses, local economies and ultimately communities, to prosper. We hope that you too now share our goal. However, we have always planned to fulfil this vision through the creation of a token economy. We hope to implement it in stages.
Therefore, we are introducing a different model, which we believe will better reward you and more directly strengthen your community. We plan that our new Community Currency will soon become an important part of the reward mechanism. For the time being, you will receive a 5% bonus. However, we plan to eventually replace this entirely with Community Currency as a reward for making purchases with Colu.
You may have already received Community Currency as part of our recent campaign. But even if you have yet to see Community Currency drop into your Colu wallet, rest assured that this currency is an exciting innovation.
Community Currency is a cryptocurrency designed to increase economic activity within your community. Soon we hope to see it offered as a method of payment in local businesses which welcome Colu. When that happens, you will be able to grab a coffee or get a pint by using Community Currency.
More than that though, Community Currency will empower individuals. In addition to its purchasing power, Community Currency is exactly what it says – a local currency. It creates a link between everyone using it, whether you are making a purchase at the local store, or a business owner accepting the new currency. So, Community Currency gives you a stake in the financial welfare of your community.
In other words, you will still receive an attractive bonus for spending with Colu. But it will soon be a reward which goes further than ever towards realizing our vision of a local economy with community at its center. We hope you are excited to be a part of it.