For people on the outside of cryptocurrency community “lingo,” this story basically boils down to a particular digital crypto network getting a much needed boost in financial backing in order to further innovate on their particular product.
That and Gene Simmons endorses Cardano, buying $300,000 of their ADA token earlier this year.
COTI is an “enterprise-grade fintech platform” that empowers businesses to build up their own digital payment systems. Back in November 2019 COTI’s people teamed up with Cardano to launch AdaPay and it served as a proof of practical concept.
According to CoinDesk, apparently that partnership was enough to attract investors. COTI received $500,000 from a joint venture fund that Cardano’s people in part are backing.
The outlet mentions that the Cardano cryptocurrency network (and it’s internal cryptocurrency Ada) is seen as a dark horse in the overall crypto community.
Speaking on that sentiment, COTI CEO Shahaf Bar-Geffen had this to say. “There are a lot of new chains out there like Polkadot and Binance Smart Chain and so on, and they all more or less target the same crypto audience to do DeFi better and all of that. Rather than just doing just another faster or better version of Ethereum with the same DeFi projects on top, Cardano is trying to work with governments, specifically in developing countries in Africa and South America.”
For context, CoinDesk explains that back in July of last year, Cardano’s development team at IOHK set up a $20 million “cFund” initiative, in a partnership with Wave Financial. IOHK put in $10 million of their own money, and are letting Wave attract investors for the other half.
In other digital dosh news, the encrypted messaging app Signal announced they’re adding MobileCoin into their app as a crypto payment feature.