- Cardano backing cFund has announced its first investment in COTI.
- Cardano and COTI had also partnered up before especially for ADA Payback in 2019.
- COTI is now setting up the new ADA Pay for Shelley Mainnet, releasing soon.
Cardano backing cFund has just announced its first investment in COTI. The Swiss-based non-profit proactively looks for investment opportunities for the advancement of decentralized economic empowerment.
To share the news, the COTI official account shared a tweet and linked it to its blog. The financial blockchain announced cFund’s investment and expressed excitement about the prospect.
We are honored and excited to share that cFund, the Cardano ecosystem venture fund, just announced its first VC investment in COTI!
The equity-based investment will deepen the cooperation between COTI and @CardanoStiftung. Read here: https://t.co/7WoH3zi9n9$COTI pic.twitter.com/BDAA6bk2JU
— COTI (@COTInetwork) April 6, 2021
Cardano and COTI’s shared history goes back to more than two years. For instance, COTI released the first version of ADA Payback in 2019. COTI is now busy setting up the new ADA Pay for Shelley Mainnet, which will launch in the coming weeks.
Regarding the investment, many senior members of both companies’ teams shared their approval. Moreover, Cardano founder Charles Hoskinson shared his thoughts,
We have tremendous respect for the COTI team and we are excited to deepen our relationship with this investment. COTI has been a great partner across several projects already, and we plan to leverage their advanced fintech architecture to enable future finance applications on ADA.
Alongside that, general partner of cFund, Wave, has also shown enthusiasm for the move. In addition to that, one of their officials stated that they had been supporters of COTI for a long time.
cFund supervises and supports the Cardano ecosystem as well as the Cardano community. Also, it works with IOHK for the advancement of ADA and is managed by Wave Financial.
COTI is a fintech platform that offers financial solutions for the crypto community. It allows businesses to build their own payment system and digitize any currency.