By
Temitope Olatunji
April 26th, 2024
The partnership between COTI and Civic will enhance web3 data protection and confidentiality via the COTI V2’s, Ethereum-based layer two network.
Coti Network (COTI), an enterprise-grade fintech platform that is optimized for decentralized payments, has announced a strategic collaboration with Civic platform, a blockchain-based digital identity management solution, to enable a seamless adoption of the Web 3.0 ecosystem and digital assets. Through the strategic partnership, the Civic platform will utilize COTI V2, a privacy-oriented layer two network that is built on top of the Ethereum (ETH) blockchain, to enhance the Dynamic Decentralized Identity (DID).
“We are excited to integrate COTI V2s confidentiality layer into Civic’s platform. Civic is an industry leader in the field of identity management tools for Web3, and COTI will continue to partner with industry leaders. We look forward to working with Civic’s professional team to bring Dynamic DID into full production,” Shahaf Bar-Geffen, CEO of COTI, noted.
COTI and Civic to Enhance Web3 Mass Adoption
The Web 3.0 ecosystem is a vital component for the mass adoption of digital assets and blockchain technology. However, data protection has remained a major stumbling block that decentralized financial (DeFi) developers must tackle to ensure secure and scalable onboarding.
The Civic platform provides a tokenized identity, whereby Web 3.0 users do not have to compromise their identity. As a result, the Civic platform ensures that bots are locked out of the Web 3.0 ecosystem to avoid network clogging.
According to the Civic platform website, more than 880,000 Civic Passes have already been issued to different users. Consequently, the Civic platform has managed to serve more than 570 Web 3.0 projects with reliable digital identity.
Different global regulatory agencies are seeking web3 projects to adhere to the set standards of anti-money laundering (AML) laws through strong Know Your Customer (KYC) features. As a result, the collaboration between COTI and Civic is vital for the success of the cryptocurrency market.
Moreover, the Civic platform will integrate with COTI V2 throughout all stages of its development.
Market Impact
The collaboration between Civic and COTI will have tangible benefits for the respective tokens in the near term. As for COTI, it is a utility-based altcoin, with a reported fully diluted valuation of about $412 million. According to our latest market data, the small-cap altcoin has gained around 10 percent in the past seven days to trade about 20 cents on Wednesday.
Having broken out of a macro bear market earlier this year, COTI price is now aiming for an all-time high, similar to Bitcoin (BTC).
On the other hand, Civic (CVC) price has rallied nearly 100 percent in the past seven days to trade around 24 cents at the time of this report. CVC token is also a small-cap altcoin, with a fully diluted valuation of about $246 million.
Having failed to rally beyond the 2017 ATH during the 2021 bull run, CVC’s price is well-positioned to reach a new high during this cycle.