Cardano Ventures Invests $ 500,000 in COTI

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Cardano Ventures, founded by the IOHK Foundation, announced that it has invested $ 500,000 in COTI. The fund, which was established last July and known as cFund, has made its first investment.

Cardano Ventures; Founded by Wave Financial and IOHK in California. According to the announced announcement, cFund’s investment will be used to “accelerate the integration and strengthen cooperation” between Cardano and COTI.

Preparing for the Shelley network

COTI started working with Cardano in 2019 and released the first version of the ADA Pay product. The COTI team is trying to get ADA Pay ready for the Shelley update in Cardano. Shelley’s first major client is expected to be introduced within the next few weeks.

It was stated that Cardano and COTI teams could develop new products later in the year. “We are considering using COTI’s advanced fintech infrastructure to increase the usage area of ​​ADA,” said Charles Hoskinson, founder of Cardano. said.

CFund, a $ 20 million fund, was created to support startups and businesses in the Cardano ecosystem. The investment amount to be received by the projects that receive support from the fund will vary between 250,000 and 500,000 dollars.