- Seeking new opportunities for Cardano (ADA), cFund makes its first VC investment in COTI’s DAG protocol-based ecosystem.
- The objectives of the collaboration to strengthen the Cardano ecosystem will be announced during 2021.
Aiming to establish a partnership that will allow them to explore opportunities, Cardano‘s venture fund, the cFund, has announced its first VC investment in COTI. Conceived as a payment network, the team behind COTI said it was “honored” by cFund’s investment.
Created to provide a solution to meet challenges in centralized and decentralized finances, COTI has been created as an ecosystem based on the DAG protocol. Its infrastructure is “scalable, fast, private, inclusive, and low-cost” with a focus on “optimizing” finance. With COTI, users and partners can build “customized” payment solutions and issue “any” currency digitally within a “secure and transparent” ecosystem.
Expanding the cooperation with COTI
In a press release shared with CNF, the partners state that they will focus on developing solutions to strengthen the Cardano ecosystem. COTI’s partnership with the cFund has elapsed for some time, in 2019 they launched the first iteration of ADA Pay, the new investment is intended to “expand” the scope of the cooperation.
cFund is a venture fund managed by Wave Financial firm with support from IOHK. According to the release, the teams are in discussion of products and new developments. Further announcements are expected during 2021. CFund’s Managing Partner, David Siemer stated the following about the cooperation:
cFund is excited to invest in this new opportunity.Shahaf and the team will bringignificant adoption to Cardano with COTI’s businesspartnerships and innovativeenterprise-grade fintech technology. We at Wave havebeen long-time supporters ofCOTI and are thrilled to further align our interestsswith theirs.
On the other hand, COTI CEO Shahaf Bar-Geffen affirmed that cFund’s engagement is a matter they do not take “lightly.” In that regard, they thanked Cardano’s executive team, Charles Hoskinson and Jeff Pollack, and David Siemer. Bar-Geffen added:
(…) for putting their trust in COTI and its technological abilities by making the fund’s symbolic first investment in us. 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.
Finally, IOG CEO and Cardano inventor Charles Hoskinson stated:
We have tremendous respect for the COTI team andwe are excited to deepen ourrelationship with this investment. COTI has been agreat partner across severalprojects already, and we plan to leverage their advancedfintech architecture toenable future finance applications on ADA.