2022-3-23 11:11 |
COTI, a blockchain payments platform, has announced the launch of COTI Ventures. The latter will support the growth of the COTI (COTI/USD) ecosystem by attracting more businesses to partner with the network.
COTI launches a $10M fundCOTI Ventures will operate under an initial budget of $10 million to support startups working to create solutions linked to the COTI ecosystem. The fund will be headed by the Chief Financial Offer at COTI, Yair Lavi and a dedicated team of researchers and analysts.
Besides getting financial support, the team will also guide these new projects in attracting expertise and building connections that will allow them to meet their goals. In a press release, COTI noted that the goal of this fund will be to create teams with experience and solid business plans that will churn out great products for the market.
Lavi said,
“I look forward to my new adventure as head of COTI Ventures. During my 4 years at COTI, I’ve seen our ecosystem, as well as our variety of products and services, grow tremendously, and the next evolution is to encourage new teams to work together with COTI by assisting them in their initial fund raising.
The fund has already invested in several projects such as WingRiders, a decentralized exchange (DEX) on the Cardano blockchain. It has also invested in AdaSwap.
COTI is growing its ecosystemA few weeks back, COTI published its roadmap for 2022. One of the highlights of this roadmap was plans to become a favourable layer-one network for payment services. COTI will build its layer one using Trustchain.
The other component of this roadmap is creating the necessary instruments that will support the mass adoption of the network. These instruments include digital wallets, banking services, processing tools, etc.
By transitioning into a layer one network, COTI will support multiple tokens for consumers and merchants worldwide. The network is currently creating MultiDAG 2.0, which will be available on the mainnet during the third quarter. This will allow enterprise clients on the COTI network to create stablecoins pegged to the value of fiat currencies.
The post COTI announces $10M fund to support crypto startups appeared first on Invezz.
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