- Cardano Foundation Collaborates with COTI to Build ADA Payment Gateway
- Gateway Will Be Available for 35 Fiat Currencies
- Fiat Gateway to Launch In November
Cardano News Today – The Cardano Foundation has announced a partnership with COTI, an enterprise-grade fintech firm to launch an ADA payment gateway. The company made this news public in a blog post. The gateway allows merchants to accept ADA payments all over the globe. Also, it would allow users to have access to instant settlements into 35 fiat currencies.
Gateway Set For Launch In November
This gateway will be available to merchants around the globe as it will allow them to process payments in ADA. The deal with COTI and the Cardano Foundation makes this possible.
The role of the Cardano Foundation is to develop real-world use cases which will increase the usability and stability of the network. It announced the deal in a blog post stating that this new payment gateway will be launched in November, barely a few weeks away.
COTI is tasked with building the payment processing platform. The fintech platform offering enterprise solution plans to build the platform on its directed acyclic graph chain. This implies that the system would not store data in blocks as you can find in traditional blockchains. However, it adds the transactions directly to the blockchain.
A Universal Payment Solution is In The Works
This may be the first move towards a universal payment solution. The Cardano foundation believes that COTI is ideal as its platform supports low transaction costs and extreme scalability. It could fast become the all-in-one payment solution for all merchants.
CEO of COTI, Shahaf Bar-Geffen spoke about the partnership and affirmed that the future looks brighter for payments.
The ADA payment solution is to be powered by the Universal Payment Solution of COTI as reported by the Cardano Foundation on the blog post. The company believes that it will extend the use case of the token outside and inside the Cardano ecosystem.
Another Achievement By Cardano
The merchants can easily integrate Coti’s payment solution and Cardano to their site making use of a QR based point of sale system or ADApay button. The solution will aloe merchants process near-instant settlement into 355 fiat currencies. The currencies will be directly deposited into the bank accounts of the merchants.
This collaboration is the latest achievement by the Cardano Foundation for the network as a whole. The network has had a great run for the last few months. The company put in more effort to hasten development since it has been known for slow development. It launched a testnet for Shelley, a new era of the Cardano Blockchain. Also, the network has partnered with New Balance to build an anti-counterfeiting blockchain solution. In the following weeks, it is expected to launch some new projects.