As a seasoned financial analyst with extensive experience in the crypto industry, I’m thrilled to see COTI, an Ethereum-based privacy focused L2 network, being selected by the Bank of Israel alongside other fintech companies for the Digital Shekel project. This is a significant development that has the potential to bring about substantial growth and recognition for COTI.
COTI, a privacy-centric Ethereum layer two (L2) network, has been chosen by the Bank of Israel to present applications for the Digital Shekel. The team at COTI will collaborate with PayPal Israel, Fireblocks, Kima Finance, Qedit, Shva, and other fintech companies in this endeavor.
As a crypto investor, I’m excited for the upcoming Digital Shekel challenge. In just a few weeks, the chosen companies will pave the way for a smooth and hassle-free integration of this new digital currency into our financial system.
By the end of October, every company is requested to submit their proposed design and research results to the Bank of Israel so that we can advance the creation of an improved national digital currency.
Based on the statements made by Shahaf Bar-Geffen, the CEO of COTI, the creation of a digital Shekel will necessitate stringent privacy safeguards to enable it to compete effectively in various applications.
Using the confidentiality offered by COTI’s garbled circuits technology, we believe we can develop a viable solution and bring the idea of a digital Shekel into existence. – Shahaf (Paraphrased)
According to Coinspeaker’s previous report, the Bank of Israel has been exploring the concept of a digital Shekel token for some time now, given the decreasing usage of physical currency. The bank has identified several potential applications to facilitate widespread acceptance of the digital Shekel. One of the leading applications is linking the digital Shekel with other payment methods and cash.
“Andrew Abir, the deputy governor of Bank of Israel, emphasized the significance of the upcoming digital shekel project in sparking payment industry innovation. The success of this endeavor hinges on the private sector’s capacity to utilize the platform that the Bank of Israel will construct.”
Direct Impact on COTI Network
After the recent announcement, COTI experienced a significant price increase of over 12% in the last 24 hours, reaching approximately 11 cents on Wednesday. This lesser-known altcoin, valued at around $225 million in total, also witnessed a substantial rise in its daily trading volume, which nearly reached $62 million during this report.
Amidst the persistent bullish sentiment towards cryptocurrencies, particularly following the approval of spot Ethereum ETFs in the US, the price of COTI has experienced a significant surge of over 32% within the past two weeks. According to a well-known crypto analyst, known as World Of Charts, COTI’s price is on the verge of starting a new bullish trend after successfully breaking through a key resistance level.
$Coti
The Breakout has been confirmed with a robust bullish candle, signaling the potential for a 2x price surge in the coming days for Coti in the cryptocurrency market. #Crypto #Coti.
— World Of Charts (@WorldOfCharts1) July 24, 2024
In simpler terms, if the COTI price persistently ends its trading sessions above the approximately 12 cent mark on the technical chart, it can potentially surge towards reaching its record high. Conversely, should the COTI price fail to do so, it may pull back to roughly $0.091 before attempting another run at its all-time peak.
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2024-07-24 17:54