Crypto Asset Backed by Cardano Surges After Surprise Launch on Coinbase

An enterprise-grade altcoin centered on payments and supported by Cardano is making waves after a sudden launch on the popular US-based crypto exchange Coinbase.

Coti (COTI) trading went live on Coinbase on Friday after hitting Coinbase Pro on Wednesday.

The listing triggered a spike in the price of the crypto asset, from $0.29 to $0.45 – a 55% increase.

The project launched in 2019 to empower any organization to build its own private payment solution and digitize any currency using the Trustchain protocol.

The Trustchain protocol can be utilized to process over 100,000 transactions per second and to power online and offline payments, loyalty payments, stablecoins, and more. 

The Cardano Foundation announced its partnership with Coti back in April.

Cardano is using Coti to facilitate payments from ADA holders to Save the Children, an international non-profit organization.

In addition, IOHK, the technology company behind Cardano, invested $500,000 in Coti through its early-stage cFund.

COTI is the latest asset to arrive on Coinbase, following a frenzy of altcoin 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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