COTI has reached its community pre-sale cap, raising $3 million within 27 hours, and limiting contributors to 1.5ETH per contributor in the first 24 hours. Out of approximately 8,500 applicants to join the sale, COTI has whitelisted 4,100 participants that have gone through a full Know-Your-Client process, including a full proof of identity and proof of residence, as per the regulations that COTI adheres to under the Gibraltar law. Of the 4,100 participants that were allowed to join the sale, 77% have actually contributed funds, going well beyond the industry average of 20%. Further still, 60% of contributors locked in their funds, with 52% of these having invested the maximum amount of 1.5 ETH. These two figures indicate the genuine belief that the community have in COTI, with a view for long-term commitment to the project.
Successfully reaching its specified pre-sale cap marks another further milestone and point of advancement for the COTI project, which is now ready for its next stage of development. It should be noted that COTI has already raised more than $13M from private investors as part of its $30M raise goal that will be completed in the next 6 weeks.
COTI, Currency of the Internet, is building a protocol that solves a lot of the problems of today’s cryptocurrencies. COTI is also building the first application on its protocol, a consumer-merchant application, which is made for global payments and delivers the fastest and most user-friendly network built for payments. COTI uses its unique base-protocol, the Trustchain, to bridge the gap between digital currencies and traditional payment systems, such as VISA and Mastercard. Based on cutting edge directed acyclic graph (DAG) structures, the COTI Trustchain creates a scalable, fast and blockless protocol that is ideal for the payments industry, which requires a high level of throughput and trust. Over 3,000 global merchants and 50,000 consumers have already signed up for COTI’s alpha net launch.
The proceeds of the token sale will help towards fully developing COTI’s base layer protocol, the exchange, the consumer and mediator client applications and merchant integration tools. Through application security features, the sale process has also helped forge COTI’s multi-tiered security system, which safeguards the COTI network. A robust licensing footprint for COTI’s payment services has now been constructed and all proceeds have been securely stored by COTI. These will be disbursed in accordance with pre-established directives.
Shahaf Bar-Geffen, CEO of COTI, commented:
“We are delighted that our pre-sale has been so successful within our COTI community. Overwhelming support from the community has resulted in COTI reaching its $3 million pre-sale cap in a day and we were very encouraged to see that almost all of those who could participate in the sale have actually participated and have contributed the maximal amount. This is another drive of positive momentum for the COTI project, as we continue to grow our protocol, build the COTI network and expand our reach.
“The global payments network is growing day by day, but the defects of both traditional fiat currencies and major cryptocurrencies, such as Bitcoin, remain. COTI provides a solution to these market defects, and through our innovative ecosystem, we will revolutionise the traditional payments space and, COTI provides a solution to the current market defects. We look forward to rolling out the full COTI system over the coming months.”
COTI recently announced that it has partnered with two major German technology firms, nakamoto.to and Advanced Blockchain AG, both of which have also invested into COTI. These partnerships further support COTI’s considerable expansion and the integration of its protocol into a wide range of businesses.