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Cardano’s cFund Makes Its First Investment of $500K in COTI

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The $20 million venture capital firm makes its first allocation in FinTech payment platform COTI offering financial solutions to the crypto community.

On Tuesday, April 6, Cardano’s venture capital fund cFund made its first investment of half a million dollars in payments firm COTI. Cardano has earned a name for itself in the industry and its native cryptocurrency ADA is now the sixth-largest crypto with a market cap of $38.5 billion.

Cardano launched its cFund platform last year in July 2020. The fund is basically a joint venture between Los Angeles-based Wave Financial and Cardano builder IOHK. Also, the basic aim of the fund is to grow and expand the Cardano ecosystem.

On the other hand, COTI that attracted funds from cFund is a FinTech platform offering financial solutions for the cryptocurrency community. The platform also allows businesses to build their own payments system while digitizing any currency.

The teams at IOHK and Wave Financial have worked together in the past. This team helped payment platform COTI create the first version of ADA Pay in 2019. The Cardano blockchain network is likely to release its Shelley mainnet in the coming weeks. COTI CEO Shahaf Bar-Geffen said that they would be updating their payment platform for the mainnet release.

The decentralized finance (DeFi) space has seen massive growth over the last few months. The DeFi market cap has shot over $50 billion surging nearly 10x during the first quarter of 2021. Explaining their reason for collaborating with Cardano, Bar-Geffen said:

“There are a lot of new chains out there like Polkadot and Binance Smart Chain and so on, and they all more or less target the same crypto audience to do DeFi better and all of that. Rather than just doing just another faster or better version of Ethereum with the same DeFi projects on top, Cardano is trying to work with governments, specifically in developing countries in Africa and South America.”

One of the officials from Cardano stated that they have been supporters of Cardano for a very long time. Cardano founder Charles Hoskinson shared his thoughts saying:

“We have tremendous respect for the COTI team and we are excited to deepen our relationship with this investment. COTI has been a great partner across several projects already, and we plan to leverage their advanced fintech architecture to enable future finance applications on ADA”.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

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Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.



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Bitcoin back above $57K as ‘hundreds’ of US banks prepare to HODL for clients

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Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price nears $58,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.

The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.

For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.

“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.

“Many other indicators suggest $BTC has much more upside and the cycle is not over.”

Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.

At the time of writing, BTC/USD circled $57,200, ruminating after reaching local highs of $57,400.

No plain sailing for altcoin bagholders

Hodlers thus received a welcome response from the largest cryptocurrency, which had spent much of the week being humiliated at the hands of a surging altcoin market.

Among the astonishing movers were tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), the latter having laid dormant for much of the past three years since the end of the previous broad “alt season.”

Words of caution, veiled or not, were nonetheless not in short supply, as Bitcoin proponents warned about the fickle nature of such parabolic altcoin moves.

Acting in Bitcoin’s favor meanwhile was news that it would be supported by “hundreds” of banks in the United States in 2021, along with investment giant Grayscale becoming a sponsor of NFL team the New York Giants. 

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationship,” said Patrick Sells, head of bank solutions at crypto custody firm NYDIG, which is behind the scheme, revealing the scale of the rollout to CNBC.