While ADA may have dropped slightly down the ranking as of late, Cardano is still making headlines through its developments, both technological and financial. To this end, the relationship that Cardano has had with COTI has been strengthened via the investing of an undisclosed amount into this blockchain project. This had been done by utilizing Cardano’s venture fund.
Shelley mainnet to be accommodated for ADA payment system
The aforementioned venture fund is known as cFund, and has been used for the first time to make an investment into COTI. As per the terms of the arrangement, the project shall be updating the ADA payment system, which is also internally developed, for the accommodation of the imminent Shelley mainnet.
Managed through Wave Financial and anchored via IOHK, cFund is an initiative that had been launched fairly recently. It allows those behind it to ‘mainly’ sponsor projects that are deemed to be ‘synergistic’ with the interests of Cardano itself. As aforementioned, COTI will be the first to receive any kind of funding through cFund, and Cardano is hopeful that it will be a smooth process.
By investing an undisclosed amount into COTI, Cardano has essentially doubled down on the support that it has for the protocol. This also has to do with the fact that there had been a partnership formed between the two parties a few years ago, so it would make sense why COTI would be Cardano’s first choice. After all, it was in 2019 that COTI had managed to develop ADA Pay’s first version, and as such, the team behind COTI is now responsible for the implementation of the necessary modifications and improvements that are required to ensure the successful operation of ADA Pay and its ability to function on the Shelley mainnet. The mainnet itself is expected to be launched within the next couple of months on the Cardano network.
Further Developments Expected
Aside from working on the payment system for ADA, COTI will also be working on other products, services, and developments alongside Cardano as part of the arrangement. These products, services, and developments are ‘currently under discussion’ amongst the two parties. Although we are not aware of the specifics, we do know that COTI is committed to Cardano and shall do its utmost to strengthen its ecosystem from the perspective of a payment system.
Shahaf Bar-Geffen, the CEO of COTI, considers this investment by Cardano to be a huge milestone for the project’s continued development, and that morale has soared after partnering with Cardano once again.