Cardano Foundation has just announced the signing of a new deal with an enterprise-grade fintech firm, COTI, to launch a payment gateway for ADA crypto assets.
Cardano foundation, the company behind Cardano blockchain technology, will be working together with COTI to increase the usage of ADA token among merchants. Via the collaboration, COTI will be offering merchants a seamless ADA payment solution.
Due for launch in November, the ADA payment gateway will be powered by COTI developed Universal Payment Solution 11 (UPS). The UPS will help push forward the utility use case of ADA token by offering a comprehensive payment solution which supports all existing systems of traditional payment processors.
The payment gateway offers merchants the ability to accept ADA as payment option as well as assist them in making instant conversion into 35 fiat currencies directly into their bank accounts.
Via ADA payment solution, COTI aims at helping its over 5000 merchants execute transactions in real-time with no hassle.
The decentralized payment firm will henceforth begin to integrate the ADA payment solution into the websites of merchants, allowing users to make payment by clicking adaPay button or scanning QR-based point of sale (PoS) system.
The CEO of COTI, Shahaf Bar-Gaffen, said the partnership will allow both companies to share lots of supports and mutual trust. He said COTI is thrilled to be able to offer adaPay to its merchants across the globe.
“This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
COTI pay boast of over 80,000 users and it claims to execute all types of payment both online and offline. The partnership allows COTI to open ADA to its other financial services like lending products and prepaid debit cards.
According to info on COTI’s website, the platform is the first enterprise-grade fintech platform that empowers organizations with decentralized payment solution.