Colu abandons blockchain, offers to repurchase CLN tokens

  • Eighteen months after raising $19 million in an ICO (initial coin offering), Israeli startup Colu has announced the closure of its blockchain project, and is offering to repurchase the tokens, named CLN, that it issued through its Colu DLT subsidiary.
  • In February 2018, the company raised $27.5 million in a round that included a $14.5 million investment from IDB Development Corporation, a holding company controlled by Eduardo Elsztain.
  • According to the CoinMarketCap website, CLN’s current price is $0.03.
  • Colu stated in its announcement: “Colu DLT has already received support for the move from all its largest CLN purchasers from the original presale, which accounted for more than $17 million.

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