Long Beach (CoinChapter): Cardano’s venture fund, cFund, announced an investment in COTI. The investment will set the path for the two projects to explore “cooperation and collaboration” according to the announcement. This is the first-ever investment for the blockchain’s venture fund.
COTI builds fintech infrastructure for blockchain, which allows for the creation of native payment solutions. It focuses on bringing scalability to blockchain-based payments. These have traditionally been held back by high fees and network congestion.
This is not the first time these two have worked together and COTI CEO Shahaf Bar-Geffen made note of that in his comments following the announcement. “Cardano has one of the biggest and most engaged communities in the space and we are excited to join this family as partners. Today marks a milestone for COTI’s development and we’re excited to look to the future and to work together with the Cardano team.”
Additionally, Cardano’s Charles Hoskinson noted their intention to “leverage [COTI’s] advanced fintech architecture to enable future finance applications on ADA.”
The cFund itself was set up to support efforts which line up with the goals of Cardano. It is managed by Wave Financial who also expressed excitement at the announcement.
“cFund is excited to invest in this new opportunity,” cFund General Partner David Siemer said. “Shahaf and the team will bring significant adoption to Cardano with COTI’s business partnerships and innovative enterprise-grade fintech technology. We at Wave have been long-time supporters of COTI and are thrilled to further align our interests with theirs.”
More proof the Cardano ecosystem is growing
The announcement of this investment is more proof that the Cardano ecosystem is growing. The blockchain will soon launch its Shelly Mainnet, which is focused on bringing decentralization to the network. Once that is complete, they will move to the Goguen era which is when smart contracts will be integrated with the Alonza fork.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
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