Colu, an Israel-based blockchain startup, has rolled out its second digital currency in the UK – the ‘Local Pound, East London.’

Built on open-source, blockchain infrastructure, the platform uses the company’s digital wallet app allowing users to pay from their smartphones.

Commenting on the launch, Colu CEO and co-founder Amos Meiri said: “Colu is about building communities from the wallet up, offering a way for locals to infuse their money with meaning by supporting local businesses — a win-win for everyone. Small businesses are the backbone of the UK economy, and an investment in local businesses is really an investment in the residents of East London.

“By introducing the Local Pound, East London, we plan to change the way people think about money in the heart of the UK.”

To help participating local businesses compete with large retailers, Colu provides them with a digital toolbox and a business dashboard that replaces the need for point-of-sale systems.

Previously, Colu launched this service in Liverpool and Tel Aviv, Israel. It also provided Barbados with the technology to create its own digital currency.