Crypto Asset Backed By Cardano Surges After Surprise Coinbase Launch
A payment-centric, Cardano-backed, enterprise-grade altcoin is making waves after a sudden launch on popular US-based crypto exchange Coinbase.
Coti’s trade (COTI) went live on Coinbase Friday after hitting Coinbase Pro on Wednesday.
The listing triggered a surge in the price of the crypto asset, from $ 0.29 to $ 0.45 – a 55% increase.
The project launched in 2019 to allow any organization to create their own private payment solution and digitize any currency using the Trustchain protocol.
The Trustchain protocol can be used to process over 100,000 transactions per second and to power online and offline payments, loyalty payments, stablecoins, etc.
The Cardano Foundation announced its partnership with Coti in April.
Cardano uses Coti to facilitate payments from ADA holders to Save the Children, an international non-profit organization.
Additionally, IOHK, the tech company behind Cardano, has invested $ 500,000 in Coti through its startup cFund.
COTI is the latest asset to arrive on Coinbase, following a frenzy altcoins listings on the platform.
Earlier this month, Coinbase added five new tokens, including Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Quickswap (QUICK) and Wrapped Luna (WLUNA).
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Featured Image: Shutterstock / Alone