The Cardano Foundation has partnered with COTI, an enterprise-grade fintech platform, to develop an ADA payment gateway.
In this way, merchants will be able to accept ADA payments with a near-instant settlement in 35 different fiat currencies. The information was recently released by the Cardano Foundation in a blog post.
Cardano and COTI Sign New Partnership
Cardano has signed a new partnership with COTI to expand ADA around the world. Merchants will be able to accept this cryptocurrency in a fast and easy way and receive their local currency in their bank accounts.
This payment solution is expected to be easily integrated into merchants’ websites using an adaPay button or a QR-based point of sale (PoS) system.
It will be possible for merchants around the world to accept and settle ADA payments and enable merchants to manage all transactions in real-time.
The CEO of COTI, Shahaf Bar-Geffen, commented about it:
“We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay checkout functionality. We have a lot to the mutual trust and support between the Cardano ecosystem partners and COTI.”
In addition to it, he mentioned that the joint between these two companies effort is one of the first steps they are taking to offer a universal payment solution.
“The future is looking more promising for payments,” said Shahaf Bar-Geffen.
In order for this new system to work, the Cardano Foundation will be leveraging COTI’s Universal Payment Solution in order to power the ADA payment gateway.
COTI’s Universal Payment Solution provides other financial services as well. Users can use lending products and also prepaid debit cards. These solutions will also be available to ADA merchants interested in them.
Cardano Moves Forward
During the last few months, Cardano has been very active in the community. There are many different projects in which the Cardano team is working on.
A few weeks ago, UseTheBitcoin reported that Cardano released the Shelley testnet for users to try it and test it. This is the first time that the Ouroboros Genesis consensus algorithm is implemented in a blockchain network.
Furthermore, Charles Hoskinson, the co-founder of Cardano and CEO of IOHK, said in an AMA that the network was in good shape and moving fast. He said this after FUD around the Cardano project as a whole.
At the time of writing this article, ADA is the 13th largest cryptocurrency with a price of $0.0264 and a market capitalization of $944 million.