COTI Crypto Price Skyrockets After Getting Support From Cardano

JAKARTA – After getting support from Cardano (ADA), the price of crypto Coti (COTI) increased by 7.9 percent in the past week and jumped 60 percent in two weeks. At the time of writing, the COTI price is at the level of Rp8,568. On September 24 at 18:01 ago, the COTI price was still hovering at the level of Rp7,250 as reported by Coinecko.

According to The Daily Hodl, COTI is an enterprise-level platform that allows organizations to build their own payment solutions and digitize multiple currencies using the Trustchain network data structure protocol.

The skyrocketing price of COTI began after the largest crypto exchange in the United States (US) Coinbase supported COTI trading on its platform in August. Then in April 2021, the Cardano Foundation announced that it was working with COTI to serve as a payment gateway provider in ADA Pay.

The company behind Cardano, Input Output Hong Kong (IOHK) has also invested in COTI in the amount of USD 500 thousand (approximately IDR 7.1 billion) for the initial stage of investment through cFund.

Then at the end of last September, Cardano founder Charles Hoskinson announced that it would present a stablecoin that can be used for transactions on Cardano's decentralized trading platform, Cardax. The stablecoin is named Djed, and will be issued by COTI.

Data from CoinMarketCap reports that COTI is currently ranked 122 with a market capitalization of IDR 7.6 quadrillion. While the maximum total COTI is 2 billion coins. A total of 868,672,118.03 COTI coins are circulating in the market.