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Re:Ask HN: Importance of a good .com domain? by icedchai on Thursday September 03, 2015 @05:03PM (#10167516)
.co is a country code domain belonging to Colombia. It was never "designed" for businesses, simply allowed to be registered by anyone outside of the country.
Re:Ask HN: Importance of a good .com domain? by dudul on Thursday September 03, 2015 @07:10PM (#10168031)
My bad. Then it's a de factor usage by businesses. As per the wikipedia page "Actual use: .CO top level domain has become the leading global alternative to .com for innovators, entrepreneurs and startups"

But you're right, that was not the first intent.