Using the ecosystem venture fund, dubbed as cFund, Cardano has made its first investment in COTI. As part of the agreement, the so-called “Finance on the blockchain” project will update the internally developed ADA Pay system to accommodate the upcoming Shelley mainnet.
COTI Receives Investment from Cardano’s Venture Fund
Managed by Wave Financial, cFund initiates the process that enables the parties behind to “primarily” sponsor projects “synergistic with Cardano.” The first one to receive funding from the cFund is COTI, according to a press release.
The statement informed that the blockchain project describes itself as “the ultimate power grid of payments” that has secured an undisclosed investment. By funding COTI, Cardano has doubled down on its support for the protocol as the two parties have an existing partnership for a few years.
Cardano’s founder, Charles Hoskinson commented that “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.”
More Developments on the Way
COTI has also agreed to work on other developments and products with Cardano, which are “currently being discussed between the two teams.” Apart from this, the team is working to upgrade the ADA Pay system.
Although the statement does not specify the precise nature and only indicates that COTI has remained committed to “strengthening the Cardano ecosystem from a payments perspective.”
David Siemer, a General Partner at cFund, said that “COTI’s CEO Shahaf Bar-Geffen and the entire team will bring significant adoption to Cardano with COTI’s business partnerships and innovative enterprise-grade fintech technology.”
On the other hand, Bar-Geffen outlined this investment as a notable milestone for his project’s development, stating “we are excited to look to the future and to work together with the Cardano team.”