The Tel Aviv-based blockchain protocol has announced its funding initiative called COTI Ventures.
According to the official press release by the company, COTI Ventures will be backing crypto startups who are looking to build on the company’s ecosystem. With the preliminary fund of $10M, COTI seeks to supply startups with ICO solutions, equity, and the development of their own platforms.
Yair Lavi, who is the CFO of COTI, will be at the helm of the venture fund, and in collaboration with COTI’s development team, they will be offering insight and expertise to newly onboarded crypto startups.
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The CFO spoke on the recently instigated venture fund, stating:
"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."
Currently, the company has two projects under its ecosystem fund. The first one is an automated market maker DEX platform WingRiders, built on Cardano, that is currently running its Testnet, and is expected to launch at the end of the first quarter of 2022.
COTI is also backing another Cardano-based decentralized exchange AdaSwap, which is expected to release its native token $ASW in the following months, and finish the development of its main services by the end of the year.
