COTI, the ultimate payment network, is guaranteed an investment by cFund, the venture fund of the Cardano ecosystem. Through this investment, both sides will explore new opportunities through cooperation and collaboration. The COTI team is honored to be the first to receive cFund's VC investment.
COTI prioritizes providing enterprise-grade fintech solutions that empower organizations. Gives partners the option to build their own payment solution and digitize any currency they want to create a more flexible and transparent payment ecosystem.
This approach caught the attention of cFund, Cardano's new venture capital fund. Cardano and COTI have been partners for the past time and are looking to build closer cooperation.
As a new fund managed by Wave Financial and held by IOHK, cFund mainly aims to support collaborative projects with Cardano. After months of conversation and comprehensive due diligence process, the cFund team signed a VC investment agreement for COTI.
CFund general partner David Siemer stated:
cFund is excited to invest in this new opportunity. Shahaf and the team will bring meaningful insight to Cardano with COTI's business partnership and innovative enterprise-grade fintech technology. We at Wave have long been COTI supporters and are excited to further align our interests with theirs.
Both teams have been working together before, which is the premise for COTI to create the first iterative version of ADA Pay in 2019. COTI will upgrade that solution to fit the Shelley mainnet, which is expected To be released on the Cardano network in the coming weeks.
Other developments and products are currently being discussed among the teams, and further announcements are expected by the end of 2021. COTI remains committed to strengthening the Cardano ecosystem from a payments perspective.
COTI CEO Shahaf Bar-Geffen commented:
I am very honored to have cFund as an investor and supporter of COTI - we do not take such a vote of confidence. We'd like to thank Charles Hoskinson, Jeff Pollack and Cardano's executive team, along with cFund's David Siemer, for putting faith in COTI and its technological capabilities by making an early iconic investment. Fund's money is on us. Cardano has one of the largest and most engaged communities in the space and we're excited to join this family as a partner. Today marks a milestone for COTI's growth and we are excited to look to the future and work with the Cardano team.
Cardano founder Charles Hoskinson adds:
We have great respect for the COTI team and we are excited to further develop our relationship with this investment. COTI has been an excellent partner in a number of projects, and we plan to leverage their advanced fintech architecture to enable future financial applications on ADA.
COTI WHAT ?
COTI is a fully inclusive “Finance on blockchain” ecosystem, specially designed to meet the challenges of both centralized finance (fees, latency, global inclusion and risk) and DeFi decentralized finance (fees, congestion, and complexity) by introducing a class of DAG-based, scalable, fast, private, comprehensive, low-cost DAG-based Infrastructure and Protocols and optimized for finance.
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