Colu has formed a strategic partnership with Metaco, an established blockchain company in the European market based in Switzerland. With its long experience building digital wallets and custodian solutions for cryptocurrencies, Metaco has developed SILO to overcome the technical challenges encountered by institutions dealing with cryptocurrency storage. SILO delivers military-grade secure cryptocurrency custody and payment processing to banks and other financial institutions.

Metaco, being a financial gateway, can help scale the Colu Local Network by connecting consumers and merchants on the Colu Local Network to traditional banking services. CLN interoperability with Metaco will help streamline and facilitate crypto payment processing that will push the crypto payments space forward.

Colu has been a pioneer in the blockchain space since 2014 and is well known for creating the Colored Coins protocol. Since then Colu has released the Colu Local Wallet which is now in use in four communities, located in Israel and the United Kingdom, with over 100,000 users. A subsidiary of Colu is currently developing the Colu Local Network, a payment network that aims to utilize the power of cryptocurrencies to create an open and transparent infrastructure for processing payments, that can offer a competitive alternative to credit card companies and closed-network payment providers. The Colu Local Network is expected to be integrated with Metaco by the end of 2018.

“Metaco and Colu have known each other for a long time and have both been active in the blockchain field for years. Metaco is an established financial gateway and we believe they can help us scale the Colu Local Network. We believe that we share a vision for the future of payment processing and we are anticipating future cooperation with one another.” Mark Smargon, VP Blockchain, Colu.