Cardano Foundation on Wednesday announced its partnership with fintech firm COTI for the development of an ADA payment gateway.
The gateway will allow merchants to accept payments in ADA tokens and offer an instant settlement service into 35 fiat currencies into the linked bank accounts, the announcement detailed.
The companies aim to make the integration of the gateway easy into the merchants’ website with an adaPay button or at the point-of-sale (PoS) machines via a QR-code. Per the company, the system will also enable merchants to manage all transactions in real-time.
Commenting on the partnership, Shahaf Bar-Geffen, CEO of COTI, said: “We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay checkout functionality.”
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Bringing crypto payments to a wide audience
The role of COTI is to develop and implement the services for the crypto company. In addition, the Cardano Foundation will also leverage COTI’s universal payment solution (UPI) to power the ADA payment gateway offering.
With UPI, the foundation aims to bring a comprehensive payment solution to combine all existing support systems of traditional payment processors with the added value of digital assets. It will also be used to extend the utility use case for the token – both inside and outside of the Cardano ecosystem.
Earlier this year, in an interview with Finance Magnates, Cardano founder Charles Hoskinson revealed the ambition of the company to be a payments giant and also believe that it can beat Facebook’s proposed cryptocurrency in emerging markets.
“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,” Bar-Geffen added.