Digital payment platform COTI gets $500,000 investment from Cardano

This cash injection is intended to help develop Cardano’s ecosystem.

ADVERTISEMENT
ADVERTISEMENT

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.

ADVERTISEMENT
ADVERTISEMENT

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2024 The Post Millennial, Privacy Policy | Do Not Sell My Personal Information