A low-priced altcoin has surged more than 27% this week amid a new announcement that it is joining a central bank digital currency (CBDC) project.
Coti (COTI) is a privacy-focused, second-layer network built on Ethereum (ETH).
At the time of writing, the project’s underlying asset is trading at $0.118, up from $0.0929 a week ago.
COTI announced on Tuesday that it will join the Bank of Israel’s CBDC project alongside payments giant PayPal and digital asset operator Fireblock.
“CBDCs have been identified by COTI as a key use case for our upcoming privacy-centric infrastructure, and we are excited to announce this milestone. The Bank of Israel has been exploring CBDCs since 2018, and will now work with COTI to explore how to implement and use advanced features and build an ecosystem around CBDCs.
As the only blockchain network selected to participate, COTI will bring its expertise to the design considerations. COTI’s privacy-centric L2 blockchain provides advanced features to store and securely transact CBDC.”
COTI is also up nearly 3% over the last 24 hours. However, despite its significant gains this week, COTI is still down more than 82% from its all-time high of $.It is set at 0.6686 in 2021.
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