Cardano Foundation has announced a partnership with COTI to create a new ADA payment solution for merchants.
COTI is an enterprise-class fintech platform and is developing a new payment gateway called Universal Payment Solution (UPS), which will be launched in November and will use the ADA cryptocurrency. The gateway will allow merchants to accept near-instantaneous ADA payments with conversion to 35 legal currencies directly into their bank account.
The payment solution can easily be integrated directly into merchants’ websites with an adaPay button or can be used in physical stores with a classic QR code-based PoS.
Thanks to this partnership, the Cardano Foundation will use COTI’s Universal Payment Solution (UPS) to expand its payment gateway offering for ADA and thus expand the use of the native cryptocurrency, both within and outside the Cardano ecosystem.
With the integration of other financial services, such as loans or prepaid debit cards, into UPS, these services will also be made available to ADA users.
COTI CEO Shahaf Bar-Geffen said:
“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. 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 also allows cross-chain interoperability and was created on its own DAG-based chain.