On Tuesday, COTI received a $500,000 investment from cFund, the venture fund backed by the seventh-largest cryptocurrency Cardano (ADA).
The $20 million cFund was launched in July of last year as a joint venture between Cardano incubator IOHK and Los Angeles-based Wave Financial who provides digital services like accounting, invoicing and payment processing.
The aim of cFund is to provide access to fast, flexible financing so founders can manage cash flows and invest in the Cardano ecosystem, much like Stripe Capital did for the Stripe in September 2019.
COTI offers a consumer product in Coti Pay, as well as stablecoins, payment networks, loyalty networks, and remittance tech. They empower organizations to build their own payment solution and digitize any currency.
Cardano is the first blockchain to be founded on peer-reviewed research and developed through evidence-based methods. Cardano was created by Ethereum co-founder Charles Hoskinson, and stands outside the fringe of Bitcoin and Ethereum in popularity, but was the first to evolve out of a scientific philosophy and is praised by academics. According to Google Scholar, Cardano is the #2 most-cited blockchain in academic literature after Bitcoin with 183 citations.
Also cited frequently in academic papers is Ouroboros, the secure proof-of-stake protocol which enables Cardano to scale horizontally. It guarantee the protocol’s integrity, longevity and performance of the Cardano network.
Cardano's design is geared towards protecting privacy rights, while taking into account the needs of regulators. Completely open source and patent-free, Cardano was built in a spirit of collaboration. The Cardano ecosystem is quickly moving into the mainstream, expanding outside the academic world.
Over the past three months alone, ADA has returned over 299% as its price hovers around $1.22 currently, compared to Bitcoin and Ethereum at 43% and 70%, respectively. ADA is up over 589% in 2021 despite the recent dip.
ADA reached as high as $1.43 in recent weeks after news broke that it would be supported on Coinbase, jumping 38% from $1.03 a day prior. But this was small in comparison to the "Coinbase effect" on other tokens, which CoinDesk equates to be worth about a 90% gain. The most volatile tokens were Band Protocol (BAND) and Civic (CVC), both increasing nearly 500% within the first week of a Coinbase announcement before falling.
Crypto analyst Ben Armstrong expects Cardano’s rally to continue for the next six months, "By the end of altcoin cycle, I think around Halloween, I could see Cardano reaching $8 and a lot of people wanting it to get to $10. So I think between $8 and $9, people will start taking profits, and that will kind of be the end.” Regardless, Cardano seems perfectly positioned it to take on Bitcoin and Ethereum rivals in the booming cryptocurrency bull market.
The Cardano platform began its development in 2015 and releasing to the public in 2017. The Cardano Foundation acts as the custodian that proposes changes to the platform through voting rights. On April 6, they announced a partnership with a unique supply chain traceability company Scantrust to attack the $4 trillion annual global problem of counterfeit goods and piracy.