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Coti

COTI signs up over 2,000 global merchants and 50,000 users to its crypto payments service

· 09 May 2018 in Cryptocurrency News, Home, Press Release
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

COTI is leading the way in the adoption of cryptocurrency across mainstream markets. Since mid-April, over 2,000 professional e-commerce merchants from around the globe have signed up to use COTI’s payments system, in addition to over 50,000 platform users. They have signed up to the alpha net version of COTI’s platform, in anticipation of the full launch later this summer, demonstrating that COTI’s payments system is the crypto solution of choice.

This marks an important milestone in the company’s development. Spanning a variety of sectors within the e-commerce space, the new merchants include popular mobile casino sites Monaco Players Club and Royal Savoy Casino, as well as Volunteer Southern Africa, an organisation which has hosted over 9,500 volunteers across projects in South Africa.

Merchants benefit from COTI’s unique network for decentralized and scalable payments, which aims to solve the challenges posed not only by traditional payment methods, but also by current key cryptocurrencies, by facilitating efficient, secure, frictionless and cost-effective international commerce.

COTI achieves this by using a next-generation blockchain system which consists of DAG (directed acyclic graphs) structures. In using this cutting edge technology, COTI has developed a new base protocol, the Trustchain™. Unlike current blockchain systems, which have serious issues with speed and scalability, the Trustchain™ can process 10,000 transactions per second. COTI is set to launch a full payments ecosystem, comprising the COTI coin, wallet, and a currency exchange. Merchants who have signed up will have access to all these applications.

Shahaf Bar-Geffen, CEO of COTI, commented:

“We have been very pleased with the high level of interest and take-up we have seen from merchants and users in the past weeks. This accelerated growth further demonstrates the strength of COTI’s innovative solution, which we are constantly developing to benefit those signing up. Our objective is to set the standard for next generation payments, and signing up over 2,000 new merchants and 50,000 users across the globe marks a significant next step for the business.”

Earl Smith, founder at Volunteer Southern Africa, commented:

“We saw COTI as the perfect solution for our requirements, as it enables trustworthy, fast, simple payments on a global scale. This helps to support our everyday processes and transactions in a seamless way, which is crucial for our business and the fast-moving sector we operate in. For us, COTI has solved the issues which are faced by so many traditional payments solutions out there.”

COTI is constantly developing its offering to best meet merchants’ requirements, and recently signed an exclusive partnership with Processing.com, which has tens of thousands of users. Merchants on the Processing.com platform now accept COTI coin as a means of payment, marking a significant development in the real-world adoption of blockchain and crypto solutions. Prior to this, COTI also announced its integration with Bancor, which enables COTI to function as a currency of everyday conversions.

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