From one of the original Colored Coins co-founders, there is a team based in Tel Aviv working on formalizing the original Colored Coins project.
"Colus app is now in beta, Mr. Meiri said. It is opening up its API to be used by other apps. Colus tokens are based on a protocol Mr. Meiri and other team members developed several years ago called Colored Coins, which itself is layered on top of bitcoin."