cFund under the Cardano Foundation Announces First Venture Investment in COTI
COTI, an enterprise-level fintech platform, has received investment from the Cardano ecosystem venture capital fund, cFund. Through this investment, both parties will explore new opportunities through cooperation and collaboration. The COTI team is honored to be the first venture capital recipient of cFund.
COTI's vision is to empower organizations and provide enterprise-level fintech solutions. Partners can choose to build their own payment solutions and digitize any currency they want, creating a more transparent and universal payment ecosystem. This approach has attracted the attention of Cardano’s new venture capital fund, cFund. Cardano and COTI have been partners for some time, and based on this, the two parties are also seeking to establish a closer cooperation relationship.
As a new fund managed by Wave Financial and positioned by IOHK, the main goal of cFund is to support projects that collaborate with Cardano. After months of dialogue and extensive due diligence, the cFund team approved the venture investment in COTI.
cFund general partner David Siemer noted:
"cFund is excited to invest in this new opportunity. Shahaf and his team will bring many opportunities to Cardano through COTI's business partnerships and innovative enterprise-grade fintech technology. Wave has been a long-time supporter of COTI and we are delighted can continue to move forward with them”
The two teams have cooperated in the past and successfully helped COTI release the first version of ADA Pay in 2019. COTI will upgrade the solution to accommodate the Shelley mainnet, which is expected to launch on the Cardano network in the coming weeks.
Additional development projects and products are currently being discussed among the teams, with further announcements expected later in 2021. COTI remains committed to strengthening the Carnado ecosystem from a payments perspective.
COTI CEO Shahaf Bar-Geffen commented:
"I am honored to have cFund as an investor and backer of COTI - we are very grateful to cFund for their trust in us. We would like to thank Charles Hoskinson, Jeff Pollack and Cardano's executive team, as well as cFund's David Siemer, for giving us symbolic support through cFund The first investment in COTI to express their trust in COTI and its technical capabilities. Cardano has one of the largest and most engaged communities in the industry, and we are excited to join this family as a partner. Today is a milestone in the development of COTI, and we Looking forward to working with the Cardano team in the future.”
Cardano founder Charles Hoskinson added:
“We have great respect for the COTI team, and we are delighted to deepen our relationship with this investment. COTI has already become a valued partner in several projects, and we plan to leverage its advanced fintech architecture to support future financial applications on ADA.”
About COTI
COTI is a fully encompassing "Finance on the Blockchain" ecosystem, addressing both centralized finance (fees, latency, global inclusion and risk) and decentralized finance by introducing a new, DAG-based base protocol DeFi (fees, congestion and complexity) challenges. Optimized for finance, the base protocol is scalable, instant, secure, inclusive, and reduces transaction costs.
