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.
LAGOS (CoinChapter.com) — Harmony Protocol, an “Effective Proof-of-Stake” blockchain network, has suffered a security breach resulting in the loss of...
Indian Finance Minister Nirmala Sitharaman has flagged anonymity as an "inherent risk" in the use of blockchain technology &...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
