Cardano's CFund Announces $ 500,000 Investment for COTI Network
Cardano has made his first investment in COTI using his cFund, the VC foundation backed by blockchain research and development company, IOHK.
COTI Network is essentially a next-generation payments startup powered by DAG, and with the latest development, it will be the first blockchain project to gain support from cFund. The investment in COTI is based on an action-based agreement to accelerate integration and strengthen cooperation between COTI and the Cardano ecosystem.
COTI has reportedly received a $ 500,000 investment from the cFund.
David Siemer, who happens to be the general partner of cFund, was quoted as saying:
“CFund is excited to invest in this new opportunity. Shahaf and the team will bring significant adoption to the Cardano blockchain with COTI's trade partnerships and innovative enterprise-grade fintech technology.
For insiders, the Fund is worth a whopping $ 20 million and was launched in July 2020. It was part of a joint venture between blockchain platform IOHK and Los Angeles-based 'Wave Financial'. The main objective of this fund is to continue advancing in the development of the Cardano ecosystem.
History of Cardano and COTI
This is not the first time that COTI and Cardano have participated in the integration. The relationship of the platforms dates back to 2019 when COTI launched the first version of ‘ADA Pay back’.
Currently, the Israeli fintech startup is involved in the development of an entirely new ADA Pay for Shelley Mainnet. He is reportedly expected to materialize in the coming weeks with his first major client.
IOHK CEO Charles Hoskinson also chimed in, stating that COTI has been a partner in many projects over the past two years, and that the company intends to use its 'advanced fintech architecture' to facilitate financial applications on the token. ADA native of Cardano in the days to come.
The price of Cardano (ADA) rises
ADA has been one of the best performing assets in recent times. It has managed to outperform several top tokens before the long-awaited decentralization of block production just a week ago.
Several milestones have contributed to the growth of the token over the past few months. It was now the sixth largest cryptocurrency by market cap and was currently priced at $ 1.25 after racking up YTD earnings worth nearly 600%.
The latest development comes just days after IOHK announced a partnership with decentralized finance (DeFi) platform, Orion Protocol. Following this integration with the Cardano infrastructure, Orion became the first liquidity aggregator on the Cardano blockchain.