Cardano’s cFund, Picks COTI for Its First VC Investment

cFund announces its first VC investment in COTI.
COTI is honored to be cFund’s first VC investment and is excited to work with team Cardano.
The teams have worked together before and are set to further boost ADA applications as well.

The Cardano ecosystem venture fund — cFund announced its first venture capital (VC) investment in COTI. Both parties are eager to explore new opportunities by collaboration and cooperation with this investment.

The powerhouse of payments, COTI offers priority provision of enterprise-grade fintech solutions. Their solutions aim to empower companies by giving them the option to build their own payment solution. Thus, by digitizing any currency they choose, they create a more versatile and transparent payments ecosystem.

cFund is managed by Wave Financial and anchored by IOHK. It aims to support projects synergistic with Cardano. After much discussion and a comprehensive due diligence process, the cFund team signed off on the VC investment for COTI.

cFund General Partner, David Siemer said, “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.”

Additionally, both teams have worked together in the past. This was when COTI created the first iteration of ADA Pay in 2019. Moreover, COTI will be upgrading this solution to accommodate the Shelley mainnet. The Cardano network will most likely release this upgrade over the next few weeks.

COTI CEO, Shahaf Bar-Geffen added, “I’m honored to have the cFund as investors and supporters in COTI – we don’t take such a vote of confidence lightly. We’d like to thank Charles Hoskinson, Jeff Pollack, and the executive team of Cardano, alongside David Siemer of cFund, for putting their trust in COTI and its technological abilities by making the fund’s symbolic first investment in us. Today marks a milestone for COTI’s development and we’re excited to look to the future and to work together with the Cardano team”.

Cardano Founder, Charles Hoskinson also adds that COTI has been a great partner across several projects already. He says that together they plan to leverage their advanced fintech architecture to enable future finance application on ADA.

Currently, the teams are having discussions on working together to bring new developments and products. Announcements on these new releases will most likely occur later this year.