Finance ecosystem COTI has revealed that it has secured funding from Cardano’s venture capital fund. This makes COTI the first company to receive venture capital funding from the recently set-up cFund.
Charles Hoskinson, CEO and founder of the Cardano Foundation announced last year that the Cardano developer house IOHK would be launching a $20m fund for ecosystem start ups. The VC fund is a 50/50 venture, with Wave financial making up the other half of the partnership.
COTI provides fintech solutions for enterprises that seek to build their own payment solutions, providing tools for the creation of a scalable decentralized global payment network.
Hoskinson commented on the decision to provide VC funding to COTI:
- “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 across several projects already, and we plan to leverage their advanced fintech architecture to enable future finance applications on ADA.”
While COTI and Cardano have partnered together in the past on several projects, this most recent collaboration will allow the two to cement their relationship and further expand COTI’s payments ecosystem.
Here’s what cFund General Partner David Siemer had to say:
- “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. We at Wave have been long-time supporters of COTI and are thrilled to further align our interests with theirs.“
Perhaps the most significant collaboration between COTI and Cardano to date has been the creation of an ada payment gateway. COTI created the first iteration of ADA Pay in 2019, and is expected to upgrade that solution for Shelley Mainnet for release on the Cardano network within the next few weeks.