The Cardano ecosystem hedge fund (cFund) has officially announced its investment in COTI, the world's first blockchain protocol optimized for decentralized payments. The report added that this is cFund's first investment as Cardano prepares to implement smart contracts on its network.
The funding will generate a collaboration between COTI and the team behind Cardano to introduce new products and services to users.
The Cardano Venture Fund (cFund) was established primarily to support initiatives within the scope of Cardano's vision and mission.
According to the report, months of deliberations between the two parties passed before a consensus for the investment was reached.
Reacting enthusiastically to the new development, David Siemer, General Partner at cFund, said:
“CFund is excited to invest in this new opportunity. Shahaf and the team will bring significant adoption to Cardano with COTI's business partnerships and innovative enterprise-grade fintech technology. At Wave, we have supported COTI for a long time and are delighted to further align our interests with theirs. "
COTI CEO Shahaf Bar-Geffen also reacted enthusiastically, hoping to see the Cardano and COTI team have a long-lasting relationship that would spawn larger projects:
“I am honored to have the cFund as investors and supporters of the COTI; we do not take this vote of confidence lightly. Cardano has one of the largest and most engaged communities in the space and we are excited to join this family as partners. Today marks a milestone for the development of COTI and we are excited to look to the future and work together with the Cardano team. ”
COTI is the world's first blockchain protocol optimized for decentralized payments, designed to be leveraged by merchants, governments, payment dApps, and stablecoin issuers.
The company's first payment application, COTI Pay, has already amassed a network of 5,000 merchants and 80,000 users worldwide. He also contributed to the creation of the first iteration of ADA Pay in 2019.
Meanwhile, the Cardano team has been making great efforts to prepare the ecosystem for the implementation of smart contracts functionality on the network, and the latest investment in COTI is important to this progress. In the next weeks, the project will launch the Shelley mainnet, which is also expected to take the Cardano network to another level of decentralization.