Cardano (ADA) made its very first investment from its investment fund cFund. The fintech company COTI is the first to receive an investment and that is announced by both parties. After all, COTI can eventually attract quite a few users to the Cardano network.
COTI calls itself "the ultimate payment network." Its aim is to create a network in which traditional payment methods can be combined with new payment methods such as crypto for faster, cheaper and better online payments.
The teams of both projects, which have been working together for some time, will now work even more closely. For example, COTI ADA Pay, which was launched in 2019, will provide an update so that it can be launched on the Shelley main net. Cardano founder Charles Hoskinson says in the announcement:
“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 on several projects and we plan to use their advanced fintech architecture to enable future funding applications on ADA, ”
COTI CEO Shahaf Bar-Geffen adds:
“Cardano has one of the largest and most engaged communities in the space and we are delighted to be joining this family as partners. Today marks a milestone in the development of COTI and we look forward to looking to the future and working with the Cardano team. ”
The ADA rate immediately responded positively to the news. Within hours, ADA rose nearly 12% in value to a high of $ 1.34. Meanwhile, the price has calmed down a bit and is consolidating around $ 1.25. COTI’s share price saw similar volatility with an increase of over 12%. The peak came out at $ 0.43.