#Cardano strengthened its relationship with #COTI by investing a sum of $ 500,000 in the blockchain project through its venture fund .
Cardano made its first investment in COTI using the ecosystem venture fund called cFund. As part of the deal, the "blockchain finance" project will in the future update the ADA Pay system developed internally to host the #Shelley mainnet.
↪️COTI investment from Cardano
Supported by #IOHK and managed by #Wave #Financial, cFund is a recently launched initiative that allows the parties behind it to “primarily” sponsor projects that “synergize with Cardano”.
With this fund, the company has doubled its support, as there has been a partnership between Cardano and COTI for several years.
In 2019, COTI developed the first version of ADA Pay. The team will now be responsible for implementing the necessary improvements and changes to ensure ADA Pay can work on the Shelley mainnet, which is expected to launch on the Cardano network in the next few months. In the press releases, Charles Hoskinson, the founder of Cardano, used the following statements:
“WE HAVE GREAT RESPECT FOR THE COTI TEAM AND ARE EXCITED TO DEEPEN OUR RELATIONSHIP WITH THIS INVESTMENT. COTI HAS ALREADY BEEN A GREAT PARTNER IN SEVERAL PROJECTS. WE PLAN TO LEVERAGE ADVANCED FINTECH ARCHITECTURE TO ENABLE FUTURE FINANCE APPLICATIONS AT ADA. ”
↪️More development is on the way for Cardano
In addition to updating the ADA Pay system, COTI has also agreed to work with Cardano on other developments and products that are "currently being discussed between the two teams".
The statement stated that COTI is “committed to strengthening the Cardano ecosystem in terms of payments”.
CFund Managing Partner David Siemer said COTI's CEO Shahaf Bar-Geffen and the entire team will "significantly adapt to Cardano with its business partnerships and innovative enterprise-level fintech technology."
On the other hand, Bar-Geffen summed up this investment as an important milestone in the development of his project and said, "We are excited to be working with Cardano."