- Cardano Partners with COTI to Develop an ADA Payment Gateway
- Cardano’s Partnership to Ease Payment and Bring Crypto Payment to a Wider Audience
Cardano Foundation recently announced its partnership with Fintech firm COTI for the development of an ADA payment gateway. The launching of the gateway has been scheduled for November 2019. The gateway is said to permit merchants to accept payments in ADA tokens and offer an immediate settlement service into 35 fiat currencies into the combined bank accounts.
The company aims to make the incorporation of the gateway easy into the merchants’ website with an ADAPay button or at the point-of-sale (PoS) machines through a QR-code. As released by the company, the system will also allow merchants to manage all transactions in real-time.
Speaking on the recent partnership, the CEO of COTI, Shahaf Ba-Geffen, stated: “We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking ADAPay checkout functionality.” He further added, “We have a lot to the mutual trust and support between the Cardano ecosystem partners and COTI. 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 ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
Cardano’s Partnership to Ease Payment and Bring Crypto Payment to a Wider Audience
As per the press release by the company, the role of COTI is to create and execute the services for the crypto company. Thus, the Cardano Foundation will also employ COTI’s universal payment solution (UPI) to influence the ADA payment gateway offering.
With UPI, the foundation aims to bring a broad payment solution to link all existing support systems of traditional payment processors with additional value of digital assets. It will also be used to cover the utility consumption case for the ADA token, both in and out of the Cardano ecosystem.
Cardano (ADA) Price Today – ADA / USD
Name Price $0.058 -2.96%
In an interview with Finance Magnates, earlier this year, Cardano’s founder, Charles Hoskinson shared the goal of the company to be a huge payment channel and also the company believes that they can take over Facebook’s proposed cryptocurrency Libra in emerging markets. Ba-Geffen also added that “the future is looking more promising for payments.” In the last few months, Cardano has been very active in the crypto community, the company is involved in several projects in which its team is working on. Currently, the token is the 13th largest cryptocurrency with a trading price of $0.0264 and a market cap of $944 million.