FinTech Behind Cardano’s First Stablecoin Launches Bank Accounts And Visa Debit Cards
04 Octubre 2021 - 6:00PM
NEWSBTC
COTI is set to launch bank accounts and Visa debit cards for its
users. The company which is building the very first stablecoin on
the Cardano blockchain is moving forward with new products to
expand its service offerings to its clients. COTI had announced
that it had partnered with Simplex to bring this project to the
fore, which would enable users to operate bank accounts and debits
cards on the platform. COTI has long been working on being a bridge
between the finance and crypto world. Its services marry
traditional finance offerings with the cutting-edge technology that
comes out of the crypto industry. The partnership with Simplex
enables COTI to provide its users with crypto-friendly bank
accounts and debit cards, which the users will be able to operate
and spend globally. COTI Brings Crypto To Banking Using the COTI
bank accounts and debit cards makes it easy for users to spend
their crypto. The bank account provides easy conversion of the
crypto to fiat, which can then be spent by the user. In addition to
funding their accounts with crypto, users can also load up using
swift, SEPA, and cards. This makes it easy for users to spend their
crypto no matter where they are in the world. Related Reading
| EMURGO To Invest $100 Million In Cardano To Bolster DeFi
Adoption The bank accounts also provide its users with IBANs and
customers can withdraw funds from their bank accounts using SEPA
transfers, SWIFT, and ATM withdrawals. With plans to allow users to
buy and sell crypto directly from their accounts with the VIPER
wallet currently in the works. The accounts are available to
customers who reside in the EEA (European Economic Area) and in the
U.K. COTI debit cards are issued by Visa and so the cards can be
used anywhere Visa cards are accepted. COTI plans to release its
debit cards in more countries as time goes on. ADA price recovers
above $2.2 | Source: ADAUSD on TradingView.com Releasing Cardano’s
First Stablecoin It was announced at the Cardano Summit which
concluded last week that the foundation had formed a new
partnership with COTI. This partnership will see the first
stablecoin being created on the Cardano blockchain. Djed, a
stablecoin that utilizes smart contracts, will be developed and
released by the COTI Group as the first official stablecoin of the
Cardano ecosystem. Related Reading | Charles Hoskinson To
Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano
Djed will serve as an alternative way to pay transaction fees on
the blockchain. As the first of Cardano’s decentralized finance
(DeFi) protocols are set to debut on the network soon, using a
stablecoin to carry out transactions will ensure that fee
structures are transparent and more predictable for users. “I
believe that adding the Djed stablecoin to the Cardano blockchain
will significantly improve how transactions are settled on the
platform,” said Shahaf Bar-Geffen, CEO, COTI Group. A launch date
is yet to be announced for the Djed stablecoin. But the COTI group
will work in conjunction with the Cardano Foundation to bring this
project to life on the blockchain. Featured image from Forbes,
chart from TradingView.com
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