In a surprising turn of events, one low-cap altcoin has seen a massive surge of over 27% this week following its announcement of involvement in a central bank digital currency (CBDC) project. Coti (COTI), a privacy-focused layer-2 network built on Ethereum (ETH), has seen its native asset trading at $0.118, up from $0.0929 just one week ago.
The excitement surrounding Coti comes after the project revealed its participation in the Central Bank of Israel’s CBDC project, joining forces with industry giants PayPal and Fireblocks. This move marks a significant milestone for Coti, as it positions itself as a key player in the development of privacy-centric infrastructure for CBDCs.
As the only blockchain network selected to take part in the project, Coti will leverage its expertise to help design and implement advanced functionalities for the Bank of Israel’s CBDC. The project’s privacy-focused L2 blockchain offers cutting-edge features for securely transacting with CBDCs, setting it apart from other competitors in the space.
Despite its impressive gains this week, Coti still remains more than 82% down from its all-time high of $0.6686, which it reached in 2021. However, with its recent surge and newfound involvement in the CBDC project, Coti is poised for further growth and development in the coming months.
Investors and enthusiasts alike are encouraged to stay tuned for updates on Coti’s progress in the CBDC project, as well as any other developments that may impact the altcoin’s price and market performance. Subscribe to The Daily Hodl for the latest news and analysis on cryptocurrency and digital assets.
